Build your Dream Real Estate Team
Building your dream team is a deeply personal endeavor, as each individual will prioritize different qualities and traits when assembling a group of people they can trust with their business. For me, it's all about finding individuals who embody characteristics like directness, honesty, and excellent communication skills.
One of the surefire signs that I've found someone I want to work with is when they offer sincere advice aimed at saving me money and fostering long-term success, rather than prioritizing quick profit. It’s music to my ears when I hear phrases like “Don’t waste your time paying for the newest model. [Insert X option] is more affordable and it will last just as long”. It's those moments when I realize they have my best interests at heart that truly resonate with me.
Conversely, there are also “red flags” that I keep an eye out for when evaluating potential team members. When one of these flags pop up, alarm bells go off alerting me to proceed with caution. Rushed explanations, impatience with questions, and an inability to provide transparent, itemized quotes are all warning signs that indicate a lack of alignment with my values and needs. One characteristic that I used to write off immediately was lateness or failing to communicate delays in arrival time for an appointment. I have slowly come around to an understanding that this might annoy me but it’s not automatically indicative of a bad partner.
Where do I find reputable partners?
So, how does one go about building this ideal team? The best first place to start is seeking recommendations from mentors within your industry. Their trusted referrals can be invaluable because chances are, if your mentor stands behind their work, you probably will too. Obviously, this is not always a perfect science but it’s worth asking around and then conducting another layer of research into the referrals credibility.
Alternatively, if personal referrals aren't available, turning to platforms like Google Reviews can offer insight into the reputations of various businesses. Use specific search terms for the type of professional you’re seeking and narrow it down to a 1-5 mile radius of your location. You’ll want that professional to know your area well in case there are any unique challenges that only a local would consider.
After collecting a handful of options, deep dive into researching each company’s reputation and customer feedback. Look out for “green flags” such as appreciation of one’s professionalism, honesty, or cost-effectiveness. These will guide you towards the most promising candidates while red flags frustrated feedback or mentions of dishonesty serve as clear warnings. It’s now time to take the additional step of engaging directly, whether through phone calls or in-person meetings. Speaking allows you to assess not only their expertise but also their interpersonal skills and compatibility with your working style.
Who should be on your team?
After getting that first great referral, don’t stop your search. Consider the following list if you have zero to two homes;
Realtor: property acquisition and market expertise
CPA: for help with taxes both during tax time and for strategic planning
Lawyer: for helping with contracts, leases, LLC
General Contractor: for larger home updates (think kitchen remodel)
Handyman
HVAC Contractor
Plumber
Electrician
As you think about scaling, you may also add a property manager, developers, appraisers, inspectors, a title company and even a business coach to keep growing.
When things don’t go according to plan
You may have hit the jackpot by finding the best professional in town who you’ll be excited to work with for years to come. Or, maybe you didn’t.
It's essential to recognize that referrals and research aren’t foolproof. Human interactions are inherently nuanced, and there's always an element of risk involved when forming new partnerships. Sometimes, despite our best efforts, a chosen team member may not meet our expectations. In such cases, it's crucial to remain adaptable and learn from the experience, knowing that there are always other options to explore.
Most recently, I’ve hired three folks that I eventually fired; a contractor, realtor, and a handyman. They were nice people but their work was different than what we agreed upon and our inability to reach a solution in working together resulted in us parting ways. That’s the kindest way I could explain very frustrating and disappointing encounters. Even still, I moved on, hired new team members and finished the projects.
Ultimately, the success of a new team member hinges on how they handle challenges when things go awry. Whether it's a realtor who prioritizes urgent support during a housing negotiation or an HVAC technician who swiftly responds to a heating emergency, it's these actions demonstrating reliability and trustworthiness that solidify their place on your dream team.
Tips for resolving disputes
My primary recommendation before starting any new partnership is to set extremely clear expectations. Before beginning any engagement, ensure that all parties involved understand the scope of work, timelines, deliverables, and any other relevant details. Draft a comprehensive contract or agreement that outlines the terms and conditions of the collaboration, including payment terms, project milestones, and dispute resolution procedures. Review the contract together with all stakeholders to ensure mutual understanding and agreement before moving forward. This protects both parties and if a professional is hesitant to outline a agreement, do some discovery about what they are worried about.
As the engagement starts;
Conduct regular check-ins to discuss progress, address any concerns, and provide updates on projects.
Provide specific, actionable feedback that focuses on outcomes rather than observations or frustrations.
Approach challenges and obstacles as opportunities for problem solving rather than as insurmountable hurdles.
Ready to build your dream team? Start by identifying one action you can take today to expand your professional network. For referrals in the Denver, Colorado area, don’t hesitate to contact me for a list of professionals I work with.
