As professionals we’ve heard it said that it is absolutely imperative that you have a really solid Power Team. A Power Team is composed of several individuals. Some of the most common in Real Estate are closing attorneys, loan officers, contractors, insurance agents and appraisers. These are all key people to any given transaction and any one of them can make or break a deal so it’s important to have ones that understand what you are doing, are on your side and have lots of quality experience.
We have had the privilege of working with many people along the way with varying levels of success. Some of these people have been nothing short of outstanding. On the flip side, let’s be honest, some are a bit of a nightmare to work with. As a result, we have learned to never underestimate what they can mean for your business. Let’s take attorneys for example.
A solid closing attorney is a critical part of your Power Team. We have literally had Sellers that were ‘on the edge’ about whether they should work with one of these ‘We Buy Houses’ people but were given an extra dose of comfort by our attorney. On the flip side, we thought we had an attorney that was on our side once literally talk down to a Seller. Sadly, it killed the deal. That particular deal was a renovation that was good for at least 50k…down the drain. Talk about a hard lesson in choosing your Power Team!
At that point, it became beyond crystal clear to me that whoever I work with really is an extension of me. Taking the time to build these relationships is imperative because of the mutual growth that can be obtained by yourself and the other party. Steady growth is powerful when you build these relationships! You want to be able to trust them to handle anything they can help with and they want to trust you so invest in the right people.
When you are new to the business you may ask yourself ‘how will I know if this particular person is solid?’ You’ll want to ask them questions about what their experience is as is referenced in many training materials. However the biggest thing you can do is consider ‘How’ you ask them. The confidence you portray in that conversation will matter much more than the substance, especially early on. When you speak with other professionals, keep in mind they are likely talking to new people relatively regularly. They can sense when someone is confident or nervous. This has much more weight than if you are new or not. If they sense confidence in you, they oftentimes will help you if they know you are new. We all instinctively are attracted to people of confidence!
Lastly, pay them! Pay them fairly. You will be amazed at how far this gets you. While you don’t want to be ripped off, don’t expect them to work for free. The best people are the best for a reason so be prepared to pay them accordingly. Strong Power Team members do not like to be nickel and dimed.
In conclusion, there are no guarantees with your Power Team as life does change. The perfect person today may not be tomorrow. However, by picking solid people along your journey for your Power Team, you will save a lot of time down the road. Always keep your power team on their toes and they will likely serve you well. Reward them accordingly and much success to your journey!