As a little girl, I have to say my favourite crime fighters were Charlie’s Angels, (those Farrah Fawcett 1970 curls got me inspired every week). Me and my friends would act out the stories pretending to be these beautiful female special agents, solving crimes and busting the baddies. Charlie was the boss, setting the challenges and letting those three female crime fighters do their bit for society! Whilst this was a childhood fantasy, it was clearly Charlie (who was very much behind the scenes, simply directing proceedings from the other end of a phone) who was the boss. The Angels simply carried out instructions and let their flowing locks and impressive designer dresses do the talking.
Many years and moons later, I was a property investing seminar and this guy starts talking about a property power team (at which point my mind jumps to Charlie’s Angels). You see, Charlie had his power team in those three ladies. They were all good at different things (wielding a gun, manoeuvering a boat or fluttering those lashes). When you start to develop and refurbish property you too need some Angels (and sometimes you need ones from up above as well as ones on earth when things get really bad) 🙂
So who do you need?
It’s essential to have a good lawyer or conveyancer for the process of buying. You also need a speedy and accurate mortgage broker who has access to the whole of market (including commercial) and is prepared to be creative to find the best solutions for you.
Ideally you will need to identify an accountant or book-keeper (although early on you won’t have much work for them).
Next you’ve got your project team – builder, plasterer, joiner, electrician and plumber, also a great painter and decorator.
If you are the lead contractor and project manager for the work, it’ll be your job to organise them all. It’s often easier to delegate this and use a builder who has his own team.
Next you’ll need some help to rent out the property – an agent or a staff member who you employ to help you do this. A maintenance person is also a key part of your power team, unless you like the idea of fixing bulbs and taps on your days off.
If you want to completely leverage your time, a sourcer who can find deals for you is also someone you might want to add to the list, along with an architect or planner should you undertake more extensive or complex projects. They will most likely have contacts that could prove very useful to you such as a structural engineer, interior designer or garden designer.
In the end your power team will be as large as you need it to be – but remember you are in charge! So like Charlie, you must assign the work to your power team with purpose, clarity and certainty. But don’t be afraid to ask for advice – these power members are specialists in their field so they can advise, support and protect every step of the way. Then your power team will become your dream team!