Foundations of a winning team
Every organization from an NFL team to a fortune 500 company, understands the importance of building Rockstar teams. There are many moving parts to these billion-dollar organizations and through team work they accomplish amazing feats. There are three major components of a Rockstar team: trust, disciplined and they are hardworking.
Trust is important because if you can’t trust the person working with you, it will hinder your work tremendously. When I was an offensive lineman for the San Diego Chargers, I had to trust the call that was coming to me from the guard. There was a situation when multiple defenders were lined up outside of me ready to crush my quarter. I had to trust my teammate that he would block one of the defenders that I would let go inside of me. If trust doesn’t exit, you have a losing team.
Having a team that is disciplined is vitally important to having a team that can produce results consistently. It is easy for someone to go out and achieve a task every now and then, but only someone who is disciplined produce the same result day in and day out. When I played for the San Diego Chargers, I had to be very disciplined at what I ate, how I worked out and even down to the steps I would take to make a certain block. Football is truly a game of inches at that level.
Finally, your Rockstar team has to have players on it that don’t mind working hard. Great quote that I once heard from Kevin Durant “Hard work beats talent when talent fails to work hard.” Coming from a smaller school East Carolina University, I had to bust my butt every day to make sure I had a chance to succeed. I was an undrafted player that made the 53-man roster as a left tackle. Every day I gave it everything I had because that’s what it takes to make it on that level. Similarly, your Rockstar team should be giving you that kind of effort!
- Commercial Real Estate Broker
Your broker is going to be one of the most valuable players on your team because this is where you will be getting the lion share of your deals from. Brokers are reaching out to property owners on a daily basis to build relationships and see who is getting ready to sale. You may be thinking I will just buy the deals that I see on Loopnet and other public listing site. You are setting yourself up for failure if that is your sole source for finding deals. It is commonly known around the industry that Loopnet is where deals go to die. You want to find a way to get on your brokers top 10 buyers list, because this list gets to see the brokers pocket listing. A pocket listing hasn’t been listed on the MLS or public listing sites. If you get in really good with the broker, you can get access to their napkin listings coined by my coach Vinney Chopra. These are deals where the broker has literally just left the property owner and has the signed contract and the ink is still wet. Napkin listings goes to the top 2 or 3 buyers on the list.
- Loan Broker
Loan brokers are third parties that sometimes acts as a go-between for a borrower and a lender. Some lenders, including both traditional and non-traditional lenders, use brokers to provide the necessary applications, documents, and processes to help borrowers through the loan process. You may be thinking you don’t need a loan broker and you may be right, but loan brokers add a lot value to by bringing relationships to you that they have been building for year. They also can help you evaluate all the possible loan options and terms available to you.
- Real Estate Attorney
Paperwork and contracts are an inevitable and essential part of real estate. You need someone who can administer the legal aspects of your investments and protect you and your assets. A real estate attorney will set up the necessary legal entities and documents so you can manage and protect your business. You want to look for the best attorney in your target market.
- Property Manager
Choosing a Rockstar property manager is vitally important to the success of your real estate company. A good property manager will help you maximize the profits on your properties and help you identify off market opportunities. Another benefit of having a property manager is having a buffer between you and your tenants. They are not all created equally so make sure you do property due diligence on them.
- Property Inspector
Property inspectors play pivotal roles in the due diligence phase of purchasing your property. You want to find an inspector that has been in the industry for many years that knows how to pick a property apart. A good property inspector can save you thousands of dollars.
- Insurance Broker
Insurance brokers are good to have on your team because they are experienced with different types of insurance and they help you mitigate risk. When deciding on which broker to choose, look for one that has many carriers to compare quotes from. Not all insurance brokers are created equal, be sure to select one that specializes in the asset class you are investing in.
Choosing the right CPA will help you not only with filing your taxes, but also minimizing your taxable income. You want to select a CPA firm that specializes in real estate. They should also have connections with cost segregation firms. If you select the right firm, they will pay for themselves 10x over.
Win the game
In conclusion, a Rockstar team will have the following characteristics: trust, discipline and relentless effort. If you can build out the aforementioned Rockstar team players with these traits, you will be able to dominate any real market you choose.