What is a Power Team? And do you really need one? You may have heard a lot of people speaking about their Power Team – and how valuable they are. If you are new to property, or going up a gear in your investing, you definitely need a team of people to support, advise and work with you. Known as a Power Team because they empower YOU to be better, they undertake specialist roles that you can’t do and they enable you to do stay focused on the BIG PICTURE.
So who are these people and who do YOU need?
Optimally you will have all of the below who you can call on when you need advice, guidance and support. Some of these people you will deal with very regularly and others only occasionally. Dependant on your strategy, some of these people will become more or less useful to you. For example, we specialise in HMOs but have an internal team who manages the rentals, so we need to know how to market and sell as much as how to source property. If you haven’t identified someone in each of these categories yet, make that your goal for 2017.
Internal Power Team *who work either exclusively for Best Nest or are contracted to work with us:
- Operations Manager
- Lettings Team
- IT specialist
- Property sourcer
- Project Manager
- Maintenance team
It may be that you want a more ‘hands-free’ business, in which case the above list may be irrelevant for you. We’ve found that the best way to manage HMOs is to keep them ‘close to your chest’ – in other words to handle the lettings personally and grow your business through further development of units of accommodation.
External Power Team
- 2 mortgage advisors (IFAs)
- A specialist property solicitor – who can not only undertake conveyancing but can also advise me on transactions and structures of deals
- Accountant and bookkeeper (can be the same or can be different people)
- Commercial and residential estate agent
- Structural engineer
- Tax advisor
- My mentor
These core people have access to sensitive, personal information and help us with strategy, guidance and risk. So being able to trust them is critical and their reputation and continual commitment to high levels of service delivery is also crucial. Outside of this immediate External Power Team we have other contacts within our network who we know personally and who we can pick up the phone to if we need advice, help or suggestions.
- A letting agent
- Planning expert / advisor
- Marketing expert
- Furnishings experts and Interior Designer
- Tradesmen – Gas Engineer, Plumber, Electrician, Joiner, Window and Door fitter, plasterer, tiler, bricklaye
If you network and also test these individuals for reliability, commitment, pricing and delivery, this will massively help you grow your income from property. Knowing all these people within our network enables us to find answers to questions, brainstorm dilemmas, and find solutions. Unleash your power by finding the right team – ‘cos when you do that, not only will you help them, you’ll hugely help yourself too.