Over the weekend I sat down and created my fantasy football team.
I researched, I evaluated, I checked past performances and eventually I came up with a team that I feel could finally present me with the league title.
When I got to work this morning I got talking to a colleague and we discussed how important it was that I not only chose the hot shot strikers and midfielders but also how important it was to pick a few players who werenâ??t quite so high profile but would earn me points because of their consistency.
You see, in fantasy football, some of your most successful players are those you have never really heard of but by checking the stats and evaluating their performances, it often turned out that they would earn you the most points.
Now, why am I writing about my dream team you may ask?
Well the answer is simple, if we look at how the average property investor starts out in property; a lot of the mistakes I have made in the previous seasons are the types of school boy errors the novice investor can gingerly accept as their own.
A few years back, people started using the term â??Power Teamâ??.
Now Iâ??m no fan of all this new age property wisdom, however I did see the point that these people were trying to make. Getting the right people on your side to act in your transactions was and still is incredibly important and literally the first thing you should do when beginning your property investment journey.
As with any team, you need to make sure that those you chose share your goals and ambitions. They need to understand what you want to achieve and how you want to go about achieving it.
Imagine your team, look at who you have involved in each transaction and ask yourself thisâ?¦. What is the reason behind each choice?
Letâ??s take a look at this afternoonâ??s squad:
Do you choose a well-known solicitor locally or do you perhaps go for the online option or maybe even one feature in a property magazine? My advice would be to work with one who has experience in the BTL market place, one who will pick up the phone when you call and one who is not so busy that you become just another file on their desk.
You see, you want them to realise youâ??re a professional at what you do, that youâ??re looking at the long term and that finally, if they treat you well, more business will come your way. My suggestion would be to have a list of 5 questions and determine your choice on their response.
There are thousands of brokers up and down the country, advertising their services in local papers, social media sites and trade publications so which one is for you? Firstly and possibly most importantly, speak to other investors and see who they recommend and why?
Some people will insist on speaking with their high street bank however they can only offer a product specific to that company.
My advice would be to speak with brokers who are able to search the entire market to find a product which is right for you. Again, make sure they have the time for you and your fledgling business.
Equally as important as your solicitors and brokers, make sure you have a reliable refurbishment company on your team sheet.
On many occasions you could be purchasing a property outside of your area so you may need to travel and meet your potential player, however this journey, in time could save you thousands of pounds.
Ask to see examples of the work they have carried out in the past and speak to local estate agents as the likelihood will be that the agent has come across the company in the past and might have some interesting insights.
Youâ??ve bought your property, it looks wonderful inside, now you need to a tenant to cover the mortgage payments and perhaps make you a monthly income too. Your search for your letting agent should have begun as soon as your offer of purchase was accepted.
As the conveyance moves forward your letting agent, if you picked a good one, will be able to start speaking to potential clients about your property, months before the place is even ready. Choosing a letting agent is relatively simple, donâ??t always go for the cheapest and donâ??t always go for the most well-known.
Find one who wants your business, one who will push market prices to get you the best figure possible and again, one who understands that they are now part of your team.
Now Iâ??ve only focused on four areas and potentially there could be several more which are equally as important as the above; however I think or hope you get the point I am trying to make.
Ask any good manager when he feels his job is done and he will tell you one thing,Â Never.
Even when you have chosen your squad/team, you still have to train them and this is a constant as remember, the market changes on an almost daily basis and in order to be a success at what you do, youâ??ll need to make sure youâ??re ahead of the competition.
One last thing to remember is that players get injured and circumstances change so when you have chosen your team, make sure you have a substitute in place for each position!
By Jeff Djevdet
Director at Pure Acquisitions.