When investing in real estate, it is critical to building a team of reliable people, who you can trust implicitly. These members will be performing tasks that can save you time while you are out there generating leads and finding deals. They will be your ears and eyes on the ground. Your remote team plays a key role in finding, closing, and maintaining deals.
This is what your dream team could look like:
Realtors or Wholesalers
They will be the first point of contact when you start hunting the next investment property. It is important that they have a vast knowledge of the local market and see trends clearly. Plus, the more information they can present to you, the better. For instance, your realtor or wholesaler should know about financial and fiscal strategies you can follow to save money in your investments. In the end, it is not about how much money you make, but how much money you keep!
Furthermore, plenty of projects are placed in local courts, county records, and business journals constantly. Your realtor should be able to help you find this data because it will help you project the right areas to invest in.
Another advantage of having a great agent on your side is that they count on the network to connect you with each institution involved in the transaction. Below we describe each contact you need in your remote real estate team.
Today, loan officers have plenty of tools to assess clients online. This way they can perform your pre-approval and loan processing. Build a relationship with loan officers who are up to date with the latest digital solutions to move forward with your next real estate deal. Plus, they will keep you up to date with the latest interest rates, market incentives, and loan options available.
Lately, remote closings are becoming more prominent. Especially, since buyers can come from any corner of the country, they have had to adapt to the demand. Having a title office with remote options can help you close from anywhere inside the US.
NOTE: foreign investors need to have a representative in the US to perform real estate deals. The representative could be a person you trust, attorneys, or trust funds. This way they can execute the closing.
When you are buying a property, it is recommended that you hire a professional inspector to give you in-depth reports of what is going on with it. Your inspector could perform it without you or the buyer's agent. Then, they can share the findings with all parties digitally. This is a partnership you will have to nurture with the most reliable and best fit for you going forward. Usually, inspection costs are measured by property size and range between $250 and $600.
A phenomenal contractor is not just the person who builds a dazzling home. When you build a great relationship with them, they can help you reduce costs, help rehab, or build homes with great warranties, and build with exceptional quality.
If you are building homes from scratch, it is key to rely on a team that can perform the construction without any mistakes (or the least possible). This can save you money and, more importantly, time!
For your property manager, you will want to look at someone with great public relations skills. This is the person that will be dealing with tasks like placing the listing online, writing the tenant contracts, performing repairs, evictions, and monthly reports.
Also, a property manager is a great connection to have in each local market. They will see deals come up in the market faster than anyone else because they have to be in touch with what is going on in each individual community. Therefore, they could report that your neighbors are about to sell even before listings go live on the market.
Virtual assistance is not new to Real Estate. If you don’t already have one, you can find professional and experienced virtual assistants on platforms like Upwork, where freelancers are rated according to previous work done. This person will be sending contracts, archiving information, and keeping up with all your paperwork. We recommend these types of services when you have a strong portfolio built, and you need to be focused on finding more deals.
Photographers & Content Creators
A photographer (or two) who can create a seamless photo and video tours of a property will be gold. A seamless video that shows the property off well is the one part of the virtual puzzle that lots of Realtors neglect. Set your listings apart with great content, so your properties are more appealing to potential renters.
We hope this gives you some direction about what to look for when building your remote real estate team. It is important to have a solid workflow to prevent any unforeseen situations. And, your team will help you do just that.