Hello everyone and welcome to episode 13 of the Ask the Estate Agent Podcast. Today’s episode is discussing your property power team. What is it, who should you consider to be part of it and how best to find the right people for your team so without further ado let’s get started.
If you are looking for advice in the modern world, you will usually find that when there is a lot of sayings or adages about a topic, it is probably worth considering. Phrases like “there is no I in team”, “teamwork makes the dreamwork” and “it takes a village to raise a child” serves as great reminders that you can achieve a lot more when you work with the right people.
The most successful people in any area of life surround themselves with the best people. You may have heard the famous saying that you are the result of the 5 people you spend most of your time with. As its’ there input, feedback and behaviours that impact your life on a day to day basis so you can clearly see the correlation between team and success in anything you do.
In the property market, you are far more likely to achieve your aspirations and goals by working with the best team, and this is where having a property power team is essential. These are the key people you need to have working alongside you and working on your behalf.
What you want to achieve in the property market will dictate the sort of people you want in your team. After all, if you are looking to buy property, there is no need to use the services of a letting agent. Therefore, before you spend time looking for professionals, think about your circumstances, your skill level and what you want to achieve.
What professionals should you consider?
- Estate Agent/Letting Agent
A fantastic starting point is to call on the services of an estate agent/letting agent. Whether you are looking to buy, sell, let or rent you will find that an agent is the professional who gets you up and running in the market and will carry out some key tasks for you. If you are selling your property, an estate agent will help you promote your property in an effective way while offering tremendous insight into likely buyers, relevant valuations of the property and negotiating your sale on your behalf.
If you are involved in the letting sector, a letting agent will be a terrific addition to your team. This agent will offer invaluable guidance on your local rental market, how profitable a property can be and they will play a key role in the letting and management of these properties if you need it.
Given the need to return a profit in the rental market, it is natural that people will be wary of working with too many professionals as this will diminish the return they receive. However, working with a qualified and experienced letting agent can help you generate a lot more income, which means that in many occasions, the hiring of this professional is more than justified.
You should also look to enlist the services of a dependable property solicitor or conveyancer. These are the professionals that deal with the legal side of the property transaction. This is an aspect that you must get right because the consequences of transactions breaking down at this point can be damaging. A breakdown at this stage can cause further financial difficulties but it can also be harmful to your mood and outlook, so it makes sense to have a professional on board to make the process simpler.
What is the difference between a solicitor and conveyancer?
Both solicitors (who are regulated by the Solicitors Regulation Authority) and Licensed Conveyancers (who are regulated by the Council for Licensed Conveyancers) are fully regulated and insured. In terms of handling your property transaction they will operate to almost identical conveyancing practices and procedures. However it is worth noting the main differences:
Licensed conveyancers are specialist property lawyers, focusing largely on residential property, progressing transactions like yours everyday.
A solicitor is a qualified lawyer, with extensive training in many aspects of law, and can offer full legal services such as divorce proceedings or taking someone to court
- Mortgage Broker
Given the importance of the mortgage in buying property, there is a need to have a professional on hand to offer guidance and advice. A property power team should include a mortgage broker, helping to narrow down time spent on finding the best options and comparing the products to find the best that suit your needs. Once a mortgage is in place, the property process moves at a faster rate and this is an area where a skilled professional will have a huge impact on the financial setup of the transaction.
Professional tradesmen also have a role to play in a property power team. Given the importance of health and safety regulations, EPC ratings, energy efficiency standards and much more, you need to ensure the property is of a high standard, and this is true when you are buying, selling or letting. There is a wide range of professionals to choose from, so having a selection of reliable, affordable and high-quality tradesmen on hand will make your life an awful lot easier.
Other professionals that may be important to have in your property power team, depending on your circumstances and ambitions, include:
- Removal companies
- Property insurance brokers or investment insurance brokers
- Interior designers/property stagers
- Bridging finance company
- Furnishings firm – landlords
- Property accountant – tax
Outsourcing and delegating tasks can save you time and give you peace of mind when it comes to the quality of work. This is when it makes sense to re-evaluate what value for money means to you. If you are all about the bottom line in what you pay, you will want to undertake as much work by yourself. However, if you understand that sometimes paying more will provide you with a much stronger return, finding the best professionals is often a smart move.
How do you find the right professionals?
Okay, you know what professionals you need in your property power team, how do you find them? It may be that you have developed a lot of contacts through networking over the years and if you have, there will likely be some trusted professionals you turn to immediately. However, it will do you no harm to carry out some additional research.
Some of the most common ways to find professionals you want to work with include:
- Ask for recommendations
- Carry out searches online via trade review sites
- Peruse these professional’s websites and social media accounts
- Speak to the professionals and get a feel for what they offer
When it comes to determining who can be trusted, there are some things to look out for and consider. This process can be slightly more difficult since it is easy to say whatever you like on the internet, but with a bit more time and careful planning, you should be able to find the right person for your property power team.
Aspects that you may wish to consider include:
- Data on past achievements similar to yours
- Accreditations & Qualifications (NAEA/ARLA) links in the show notes
- Redress Scheme (Property Ombudsman)
- Standard of reviews/testimonials
- How they come across when you speak with them
- Do they align with your vision and values and understand what you want to achieve
- Lastly their price
Don’t forget that if you are going to work with these professionals, you want to find people that you can trust and who you get on with as they will be working alongside you as a team.
Therefore, you should also consider people’s personality, not just their qualification or experience. Hiring a skilled joiner is a comfort for many people in the property market but if this professional has a bad attitude or temper, regardless of their skills in the role, they may cause more harm than good for you in the long-run.
What can you do to build your property power team?
If you are building a team, everyone wants to benefit or have some reason to be involved in the project. It is all very well looking at professionals and evaluating what they will do for you, but you need to make sure that you can offer something to them.
Quite often all you need to offer is payment and the promise of work. However, there will be professionals who want to make sure that they work with the right people. It can be helpful for you to have:
- A clear understanding of what you need from a professional
- Be flexible in how to achieve these aims
- An ability to pay on time and for the agreed amount
- A personality that people can get on with
- Reliable and dependable work
- Reasonable expectations
How you perform as part of the team plays a role in the success and it will impact on how much people want to associate with you. When building your team, make sure that you appeal to professionals as much as you want them to appeal to you.
So be active, available and make sure everyone is updated with what you are looking to achieve and when. Communication is the key to your property power team being most effective and achieving your goals.
So that wraps up todays episode on choosing your property power team. I hope you’ve found it useful and that it’s given you a few tips to put into action when you next move.
As a listener we want your questions to answer. Whatever your worries, concerns or needs are, contact us via our social media channels or our website below and we’ll answer your questions in our future episodes.
Useful links from this episode:
National Association of Estate Agents (NAEA) – http://www.naea.co.uk
Association of Residential Letting Agents (ARLA) – http://www.arla.co.uk
Property Ombudsman – https://www.tpos.co.uk
The law society – http://www.lawsociety.org.uk helps to search solicitors regulated by the SRA
Solicitors Regulation Authority – https://www.sra.org.uk
Council for Licensed Conveyancers – https://www.clc-uk.org