Wealth is team sport.
You won’t get to success on your own.
That means you’re going to build a team.
Partnering with others is a topic to which I dedicate a recent Periscope session. If you weren’t there for the livestream, you can watch it now…
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Hey, be sure to follow me on Periscope, cuz I cover lots of cool topics in real estate entrepreneurship. You’ll find all my most recent live streams at www.periscope.tv/cashflowdiary.
To Partner or Not to Partner?
When you first get into real estate, you are going to wear all the hats. You’re going to be doing a lot of different tasks, even those you aren’t great at or don’t want to do.
That can cause problems.
For example, if you’re not great at keeping records or tracking expenses, you aren’t the right person to be handling the finances in your business. It’s better to pay someone fairly to manage your finances for you.
That’s why a lot of people partner up with another likeminded person when they get further down the path and start doing larger deals. That way they can take different roles, experience a higher level of support, have someone to bounce ideas off of and have someone to make decisions with.
For others the idea of a business partnership isn’t something they want to do. (And that’s okay.) If you don’t partner, you need to outsource. You need a team.
In fact, whether you choose to have a partner or not, when you are moving forward as a real estate entrepreneur, you need a team. You need to be able to outsource tasks that don’t make sense for you to do, such as taxes and bookkeeping chores.
It Takes a Village to Build a Company.
In both business and in life, it takes a village to help us get through. Your life requires input from a few supportive people. That means stay away from negative people.That’s something I always try to do.
This is a mindset that is so important to me that I devote a lot of time talking about it at events, in my podcast and on YouTube. Part of what I talk about is the power of positive affirmations.
Here… go and watch:
In my business and life, I’m fortunate to have my wife Popi as my partner. She and I have each other’s backs. I am grateful for such a supportive partner, and I know for a fact that I couldn’t have gotten through the tough times without her.
Plus, Popi understands what it means to be a team player. After all, she was a volleyball star in school. (You should look her stats up online sometime. She was a pretty impressive athlete.)
What I love about Popi is her positive attitude.
To my wife, nothing is impossible. Talk about the ultimate, best type of partner to have… someone like Popi takes the cake!
She knows that to be successful means we’re going to be doing the boring stuff over and over. What’s that old saying? “Boring pays the bills.”
She also understands the importance of bonding when your goal is to create a tighter team. As she puts it, success in any game boils down to trust.
That goes for building your business, too.
In fact, a lot of what happens on the court that wins and loses games also happens when building your team and business. For example, everyone on your team will play a different position.
If you want to read a good article on teamwork, here’s one you’ll enjoy:
Not Everyone Has the Same Role or Skill Set.
When building your team and business, you need different ingredients to create a kick-butt recipe for success. That goes for partners, too.
Be aware that when you choose to work with a partner, you will each agree to be responsible for different tasks. You will write these roles up in your operating agreement. You will work in your business per that agreement.
Play to your strengths.
It’s just like when you’re doing deals. You need time, knowledge, money and credit, but that doesn’t mean it’s all on you to provide all of these components.
In a deal you as the person putting it together will have the time and knowledge; your investor will have the money or credit.
What it comes down to is that every ingredient is important… and your time and knowledge should be highly valued. (It often has more value than the money and credit!)
I did a cool podcast episode on this a long time ago. In fact, it was one of my first. Give it a listen…
The bottom line is that your skills must be complementary to those of your partner and team. (That goes for your buyers, sellers and investors, too.)
If you want to receive the benefits of being successful, you will learn why everyone on your team and in your partnership must be expected to do their best in their role.
You and Your Partner May Not Always Agree…
When taking a partner and working with that person to build toward a shared goal, it’s not going to be roses all the way through.
You will have disagreements… and that’s okay.
You have to be okay with having uncomfortable conversations with each other. That goes for your team members, too.
You cannot surround yourself with “yes” people. That won’t serve you well. On the other hand, don’t surround yourself with “no” people either.
Instead surround yourself with people with whom you can be totally honest and have great discussions with about anything that needs to be addressed… good or bad!
What if you aren’t being listened to?
Ask yourself if you have earned their respect and are you worthy of being listened to? In other words, are you walking the walk and talking the talk when it comes to your actions and words?
When you’re building relationships with others, you have to earn their respect and trust. However, if they are proving to be difficult to work with or showing that they don’t have the right qualifications or they aren’t pulling their weight, it may be time to substitute that partner or individual team member out and replace him with someone who has the right stuff.
The bottom line is that partnerships aren’t going to always run smoothly and building a team takes time.
But if you want to get “big” in business and reach your goals, you will have to work with other people. You’re also going to have to learn to communicate openly and manage your emotions.
You will all have to be on your best game… always!
If building your business as a real estate entrepreneur, you have a few things to learn first.
Even before you decide if you want a partner and start growing your team, you have to learn the basics of investing.
You also need to learn how to grow your lists of leads so you can do more deals faster, raise private capital so you don’t have to use your own cash and credit to finance your deals, and be able to buy properties when you find them.
If this is something you’d like to know more about take a look at this: