Working as a team when in investing in real estate has many advantages over going it alone. If you’re considering getting into the real estate investment market, you should take the time to decide if you can go it alone or if you should work with a team. Many small business owners are quick to think that it can be done alone, but realize when it is too late that they don’t know quite as much as they thought they did. There are only 24 hours in each day. No amount of knowledge can overcome a lack of time, which is why Jason Cohen Pittsburgh’s investments are always a team effort.
Because you’re building your team from the ground, you get to decide which roles will be represented and who will fill those roles. Some roles are necessary at an early point while other roles can wait until your business grows. Some of the essential roles are bookkeeper, assistant, and a communications specialist. All these positions can be filled by one person at the onset, but be sure to stay aware of when changes are necessary.
As a small business owner in the real estate investing industry, you need to know where you stand financially with every deal you make. You must know your budget. If you don’t know how much money is in your bank account, you can quickly add hundreds of dollars in overdraft fees. You also don’t want to be in the middle of a deal and have your credit turned off. It’s embarrassing and unnecessary. The function of a bookkeeper is to keep track of your finances, pay your bills, and help you stay on budget. If you are not ready to add staff just yet, you can look into hiring a service or a freelance bookkeeper.
Having an administrative assistant may sound like a luxury, but there may come a time when you realize that it is a necessity. If your list of phone calls to return is growing, if your voicemail is filling up on a regular basis, and if you’re forgetting to appointments, it may be time to hire an assistant. The main function of an administrative assistant is to answer calls, schedule appointments, type memos and reports, and assist with any other organizational tasks that arise.
A communications specialist will handle your marketing functions. The main function of this individual is to create your presence to build your reputation by telling the market all about you and your business. Online, a communications specialist will create your website and social media sites. Offline, a communications specialist will create your advertising campaign. Without a communications specialist your administrative assistant won’t have many appointments to schedule.
As your business grows, you’ll add more positions. You may hire a contractor to help with major repairs. A property manager and a handyman may become necessary if you are going to have tenants. You should also develop a close relationship with your insurance agent and loan officer.
When you have the perfect team, you as the investment business owner, can focus on what you do best while your employees and consultants do what they do best. You are the real estate investment brain. At Jason Cohen Pittsburgh, we know that with the right team, you can grow stronger in the field and have a better chance of success.