Finding The Right Candidate For A Partnership
Like anything in life, there are both good and bad Real Estate Partnerships.
Good partnerships drive your success forward. They don’t cause undue amounts of stress and they just make sense.
On the flipside, a bad partnership can ruin you and your reputation.
Clearly, you want to create a good partnership as opposed to a bad one! There is one very key aspect to creating a successful partnership:
You need to find the right investment partner!
That is exactly what we are going to discuss today. So, read on to find out more about what makes a good real estate partner.
Why Do You Need A Real Estate Partnership?
Investing is a job that you could do solo. After all, you have your own funds, network and ability to secure great deals.
However, there are only so many hours in the day and only so much influence one person can have. If you add a partner to your success machine then you can have access to more funds, a larger network and the ability to secure even better deals.
Plus, you also gain support and someone to help take care of the aspects that you don’t enjoy, don’t have the time for or don’t have the specific skills to complete.
So, how do you find that perfect partnership candidate?
Looking For A Real Estate Investment Partner
Choosing the right partner takes careful consideration. You can’t just pick any old person and hope to double your success. These are the things you should consider when hunting out your partner for Real Estate Partnership:
Strengths And Weaknesses: We tend to focus our time and energies on the things that we are good at. So, sourcing a partner that has skills in your weak areas will really help drive you forward as a team. There is no point having someone with duplicate skills to you.
Competitive Advantage: Select someone that can get you a strong foothold in the market. Finding someone with solid skills in sales, marketing, making deals, good access to credit, or general knowledge of the local market will greatly improve your chances of success.
Aligned Goals: You need to be on the same page as your partner when it comes to goals, at least in the short term. That way, you will have the same focus and can both work towards achieving a common objective.
Compatible: Conflict is not good for a partnership, so choose someone that you can get on with. If your personalities and morals are compatible, then it helps with any conflict resolution or decision making.
Motivation: Investing can be hard work, so you want someone with the same level of drive as you, otherwise one partner will hold the other back. You also need to select someone with the practical ability to get stuff done. Procrastination and inactivity help no one!
Where Do You Find This Good Investment Partner?
Unfortunately, there is not one singular place you can go to meet the ideal real estate partner. So, you need to keep your eyes open and your ear to the ground.
Be on the lookout in these places:
REIAs And Networking Events: The best and brightest in the industry get out and network with their fellow investors and people that can drive their own investment journey forward. If you go to where the investors hang out and start making connections, you might just find your perfect partner.
Mastermind Groups: A mastermind group is a powerful space. Not only is there a collective focus and the ability to learn from your peers, but there is a whole room full of potential partners. If you belong to a mastermind, then screen your fellow group members and see if any have complementary skills to your own.
Familiar Faces: The people that continually show up to events and actively participate are the ones you want to take notice of. They are the people that are committed and serious about their real estate journey. You can use that level of commitment to help each other.
Online Groups: They are plenty of places for investors to connect with each other online, These spaces can be great for hunting out potential partners. Just ensure, you take the time to meet people in person and connect on that level before making any big decisions.
Final Thoughts on Real Estate Partnership
Choosing someone to partner with is a big decision. It is not one that should be taken lightly.
Before forming any kind of a partnership, make sure you know what you are getting yourself into. You don’t have to be best friends with your chosen partner, but you do need to know them well enough to understand their character.
Ask these questions:
- Will they be reliable?
- Can I trust them?
- Will they pull their weight and hold up their end of the responsibilities?
- Will we be able to resolve any conflict that might arise?
- Are they bringing an equal value to this partnership? (Remember, equal value does not have to be in a monetary sense, one partner could bring knowledge, experience, connections or credit rating to the table)
- And most importantly, will we be able to work together easily?
Once you can honestly answer these questions positively, you will have found your partnership candidate!
Remember, that partnerships do not have to last forever. If you find that it isn’t working for one or both of the parties, then it is possible to dissolve the partnership and start fresh with a new partner.
Are you ready to get out and find your first real estate partner? Then we wish you the best of luck! Taking on a partner is an exciting step in your investment journey.
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