"Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to attain uncommon results."
~Andrew Carnegie
Well said, Mr. Carnegie, well said.
And I don’t know about you guys, but as an investor, I want to work with other businesses and people (to help grow my business) that run like well-oiled machines. I need to feel confident that the teams I work with are organized, ethical and have systems in place that will make my life easier.
I mean, that’s the whole point, right? If you can’t rely on the people and teams you partner with to make you money, then why do business with them?
Hey Moguls, Chris Clothier here, and I’m excited to be back at Mogul, this time to talk about getting the most from your turnkey rentals team.
Stay Small & Keep it All?
That may be the motto for some companies, but it doesn’t work for me… and you shouldn’t settle for that mentality either.
I’ve worked with (and refused to work with) some companies through the years that keep a small staff and overhead minimal, so they can keep profits to themselves. And while this practice may work for THEM, it probably won’t suit your needs.
I know it doesn’t suit mine.
As an investor who does lots of long-distance business, how can I feel comfortable that my deals are getting done right with so few staff available to help?
The likely scenario is that team members are spread thin, which means your needs as an investor might not be met.
It’s Common Sense, Really
Look, if I’m going to purchase properties out-of-area (and even throughout the country), I want to know that the company I am buying from or doing business with has a business-minded owner who’s got my back.
I need to know that each team member on my turnkey team has specific responsibilities and knows those responsibilities, so they can ultimately help me succeed. (More on those in a sec.) To me, that’s a business-oriented real estate company.
And here’s the thing...
These types of business owners don’t even need to have real estate or investing backgrounds. In fact, many don’t! Some have related experience, but some of the most successful companies are owned by entrepreneurs who understand the business of business.
They have a firm grasp on real estate concepts, laws and processes. They use efficient systems, and they know how to train people – YOUR team – those who will work to put money in your pocket and theirs as well, when done correctly.
And that’s the bottom line.
Real estate, for most, simply happens to be the foundation of their company - the product and service that builds their business.
4 First-Rate Rentals Team Tasks
So what do I mean by a turnkey rentals team?
Well, your turnkey team knows how to set up a solid business. That’s why you’ve chosen them. You’ve vetted them, provided training and set them up for success – win/win.
And here are the 4 main tasks that you’ll turn to them to do, for you:
1. They PURCHASE your rental properties.
2. They RENOVATE your rental properties.
3. They MARKET your rental properties.
4. They MANAGE your rental properties.
Make sure your team is doing these things for you.
They need to be experts in each of the 4 areas of investing.
So use this as your checklist to assess the team you’re working with right now. If you can’t check off each of the 4 tasks, then it might be time to find a new team… one that’s turnkey.
That’s a Wrap
Remember, the businesses you work with – whether local or remote – should be predicated and built on great service, great organization, great structure and great people so that everyone, including and especially, you as the investor, can achieve great investing success.
That’s what I look for, because that’s how I do the business of business.
Note: Want a step-by-step process to finding, securing, and managing out-of-state rental properties? This is only 1 of 7 super-secret keys that I cover in my brand-new real estate investment success report.
Talk to Me
How do you find your turnkey rentals team? Share below.
Make sure your turnkey rentals team can complete the big 4.
Don’t sweat it if your team isn’t owned by a fellow investor - a businessperson or entrepreneur is great as long as they do the business of business.
Be sure to work with teams who understand the foundational aspects of good business.
Stay away from companies that are small and keep it all.