Real estate is rarely a solo endeavor. The top agents work with the right team of professionals who support their growth, handle specialized tasks, and help them scale effectively. Whether you’re focused on traditional real estate sales or rental property investing, your team can make the difference between struggling to manage every detail yourself and creating an operation that generates consistent results.
Building a real estate team requires cultivating relationships with mentors, specialists, and deal sources who can provide ongoing support throughout your career. From administrative staff who handle day-to-day operations to financial experts who navigate complex tax situations, each team member plays a crucial role in your success. We’ve put together insights from The Millionaire Real Estate Agent and The Millionaire Real Estate Investor by Gary Keller, as well as The Book on Rental Property Investing by Brandon Turner, to provide you with a comprehensive guide to building the team that will support your real estate ambitions and help you achieve your financial goals.
The Essential Roles in a Real Estate Team
A successful real estate business requires many different jobs, but all of them support each other to make a sale and keep the business running smoothly. The roles and responsibilities within the team vary depending on whether you’re focused on traditional real estate sales or rental property investing, but certain fundamental principles apply across both approaches.
1. Administrative Staff
The Millionaire Real Estate Agent says that you need to start by hiring a top-tier administrative staff. Admin can handle tasks like paperwork, scheduling appointments, or managing databases, freeing up your time and energy for revenue-generating activities like meeting with clients or securing listings.
Top-tier administrative staff also help you lay the groundwork for future expansion of your business, because they provide the structure and organization you’ll need as you add more sales roles. Finally, great administrators ensure smooth operations for customers, which boosts their impression of your company, leads to better client experiences, and brings more prospects and clients into the fold.
For example, imagine you hire a great admin who creates organized systems for tracking leads and transactions that make it seamless to onboard two new agents. As a result, your whole operation is more efficient and professional, and clients are highly satisfied with their experience doing business with your company and begin referring their friends.
(Shortform note: There’s been speculation that AI may eliminate the need for human administrators and executive assistants. However, some experts argue that this isn’t likely to happen anytime soon. AI continues to struggle with understanding nuanced requests and lacks the emotional intelligence needed for complex interactions. Additionally, most professionals prefer human assistance for confidential matters rather than relying solely on automated systems. As a result, experts say we’re more likely to see administrative staff incorporating AI tools into their workflows than being replaced by them.)
Once you’ve built a top-notch admin team, Keller writes that you can begin to add roles that are more directly involved with acquiring and managing leads and listings, like buyer specialists, listing specialists, a chief marketing officer, a finance manager, and a recruitment director.
(Shortform note: Some real estate experts write that, after bringing an administrator on board, your next hire should be for an inside sales agent (ISA). An ISA calls homeowners in your geographic area, contacts in your existing database, properties that didn’t sell during their previous listing period, and for-sale-by-owner properties to book appointments and generate leads for the sales funnel. However, you shouldn’t hire an ISA simply because you don’t like making calls yourself: Rather, you should only add an ISA only when you’ve reached maximum capacity—when you’re generating as many leads as possible and too busy taking appointments to generate any more leads on your own.)
2. Your Spouse and Mentors
Your real estate team will likely benefit from including people much closer to home. Your spouse, in particular, can offer indispensable morale and emotional support. In some cases—as in Turner’s—they can become a vital business partner and fulfill a crucial real estate team role.
(Shortform note: Turner mainly stresses the moral support advantages of including your spouse in real estate endeavors. But what are some of the specific business advantages of this arrangement? For one, your common goals and close relationship significantly limit the risks of taking on less familiar business partners who may prove unreliable or unscrupulous. Further, being married to your business partner means fewer legal and tax documents, as you can file jointly. It’s also easier to pool your common finances, putting more investment capital at your immediate disposal.)
Turner also stresses finding a person to act as an industry mentor, perhaps a successful property investor who can offer guidance and advice.
(Shortform note: Once you’ve found that great real estate mentor, iron out a plan for organizing your meetings. Chances are that you’re both very busy, so deliberately planning when and how often you’ll meet, and making sure this suits both of you, can keep the arrangement mutually convenient and the relationship healthy.)
3. Management and Upkeep Members
Next, let’s explore the team members who’ll help you manage and upkeep your property. Many rental property investors opt to use property managers or management companies: individuals or businesses that handle many on- and off-site property tasks for you (for example, rent collection and handling contractors). They do so in exchange for a percentage of your profit. Turner cautions that property managers generally have less personally at stake in a property than you do and less concern over spending your money on expenses and repairs. So, gauge whether they’re truly necessary and, if they are, how much oversight you’ll have over their work.
(Shortform note: In Buy, Rehab, Rent, Refinance, Repeat, David M. Greene agrees with Turner that there are both pros and cons of using property management. However, he’s slightly more optimistic about managers than Turner. He notes that a manager can bring helpful expertise early on in your rental property investing career, when you may lack practical know-how. Greene also argues that eventually, if you’re successful in the field, you’ll likely own so many properties that using a property manager becomes essential.)
Unless you can fix every possible structural issue with a house, you’ll also likely need a contractor at some point during your rental property journey (for instance, an electrician or carpenter). Turner recommends being proactive in finding reliable contractors; don’t assume you’ll chance upon them. Be sure to research both contractors’ prices and their reputations, as their work seriously affects your bottom line and reputation with tenants.
(Shortform note: To increase your chances of hiring reliable contractors, always check their qualifications before using them. Review their critical documentation: This includes their insurance policies and required licensing (with effective dates). Also, check their bonding information. Surety bonds protect consumers from unethical or incompetent business practices by ensuring that, if the contractor fails to execute the job properly, the bond distributor (known as the surety) can penalize them. In some cases, the bond provider must also provide the consumer with a substitute contractor to finish the job.)
Real estate agents are also necessary management team members. They’ll guide you toward the best deals on property sales and serve as your representative in negotiating with the seller. Turner advises using individuals who show exemplary professionalism, understand your particular market, and are tech literate (since many property listings and real estate tools are now online). He advises interviewing prospective agents to make sure they’re a great fit.
4. Financial Members
The first financial teammate Turner suggests hiring is a certified public accountant (CPA) to help navigate the complexities of real estate tax filing.
(Shortform note: Make sure your accountant’s availability fits your REI needs. Many CPAs are extremely busy during the April tax season, but they may reduce their working hours for the remainder of the year. Real estate transactions can occur in all 12 months of the year, so your chosen CPA’s business hours must align with this.)
Turner adds that a bookkeeper is useful for calculating your diverse expenses and income streams. Consider hiring an insurance expert, too. They can hunt down the best insurance deals so you can minimize costs. Common types of insurance you’ll need include landlord, flood, fire, liability, and loss of rent.
(Shortform note: When shopping for an insurance agent or broker, expect the following characteristics from a solid applicant: They should be client-centered, upbeat, energetic, and responsive. You shouldn’t have to wait for thorough answers to your policy questions. Similarly, the agent should know their product inside and out—not just the insurance mechanics, but the legal and tax dimensions as well.)
5. Legal Members
Finally, don’t forget to hire a lawyer. Turner says every landlord needs one at some point, whether it’s to ensure the legitimacy of their legal documents or oversee eviction processes. Though lawyers are expensive, Turner asserts that you likely won’t need one that often. Find one who specializes in real estate to expedite legal processes and ultimately save money.
| When to Call a Property Attorney Why is having a skilled lawyer particularly useful in eviction cases? In general, judges demand higher burdens of proof from landlords seeking evictions to avoid tenants losing their housing unnecessarily. Consequently, having precise documentation and strong legal representation in these cases is vital. Beyond evictions and documentary needs, there are a number of circumstances in which a landlord might need a lawyer: 1. Cases where the tenant claims to have sustained an injury or illness due to your negligence, such as poor property maintenance. 2. Cases where the tenant’s own property (for instance, their personal belongings) incurs damage due to the landlord’s negligence. 3. Accusations of discrimination in your application or approval policies for tenants, IRS, or other tax audits related to your rental properties. |
How to Network to Build Your Career and Team
A successful real estate team is not just your employees. It could also mean the professional relationships you build with other people in the field. They may not be a part of your business, but they can become honorary members of your team just by connecting you to big opportunities and giving you career-defining advice. Here’s how to network to build your professional support team in the real estate world, according to The Millionaire Real Estate Investor.
The Power of Strategic Networking
When it comes to real estate investing, you’re only as strong as your network. Learning how to build a real estate team isn’t just a nice-to-have; it’s essential for your success and growth in the property investment world. According to Keller, your network doesn’t just strengthen your deals; it opens doors to new opportunities and allows you to achieve more with less effort and time investment.
To create this powerhouse team, you need to be strategic about who you bring on board. Keller advises looking for individuals who aren’t just smart and have the right attitude, but also possess specialized knowledge in their fields. These should be top-notch experts who are committed to protecting your interests and delivering superior service.
Maintaining Professional Relationships
Building your network is just the first step. To truly benefit from these relationships, you need to stay engaged and foster mutual advantages. Keller suggests starting by establishing a solid foundation that includes mentors and specialists from various areas who are ready to lend a hand when needed.
To keep these relationships strong, adopt a systematic approach that might include regular phone check-ins, sharing useful information via mail, and seeking advice through face-to-face meetings. According to Keller, a strong work network not only helps you make informed decisions but also signifies your integration into a community where everyone’s success is encouraged.
Leveraging Your Network for Success
Working with experts who prioritize your interests ensures you receive top-notch advice, superior craftsmanship, cost-effective options, and prompt assistance. This network should include specialists who can offer crucial insights on property valuation and reliable scouts, with their input being part of a comprehensive analysis that considers every cost involved in purchasing an investment property.
According to Keller, a proficient network elevates your entire operation and allows you to transition to strategic oversight while freeing you up to focus on deal-making, as experts handle the day-to-day operations. If you’re aiming to hit the financial benchmarks set by successful investors, building a team of skilled professionals dedicated to helping you achieve your financial goals isn’t just an option—it’s a necessity.
Cultivating Deal Sources and Opportunities
Your success in real estate investment heavily relies on forming a network that can consistently provide outstanding investment opportunities. Keller suggests that your network should include people involved in property dealings or those who might come across investment opportunities, such as real estate agents, property managers, and personal contacts.
By engaging various segments of your network, you can create a steady stream of potential deals. Building trust and acknowledging successful referrals with rewards like referral bonuses can strengthen these relationships even further, according to Keller.
Positioning Yourself as the Preferred Investor
To access the most beneficial opportunities, you need to position yourself as the preferred investor. This involves developing a unique and well-researched set of investment criteria, complemented by creative negotiation strategies that make your offers stand out.
Keller advises presenting yourself as a problem solver to capture interest and motivate highly motivated individuals to seek out your expertise. By clearly communicating your exact investment criteria to your network and acquaintances, you increase the likelihood of being offered the most lucrative investment opportunities.
Learn More About Building a Real Estate Team From Scratch
To dive deeper into real estate networking and team roles, check out Shortform’s comprehensive guides to The Millionaire Real Estate Agent, The Book on Rental Property Investing, and The Millionaire Real Estate Investor.
