You can get so much more done when you have the RIGHT help. The task of building a TEAM is complex Unless your have the Right Tools. Building a team is ongoing. And, it is the difference between Success and Failure because:

T = Together

E = Everyone

A = Achieves or Attracts

M = More

And with the ideal team you can become a champion overnight.

Start with two thoughts:

1. The less you do the more important you are: Years ago I began calling on top people who ran some of the biggest companies in the world. As a general, rule when I walked into their office, there was no big pile of paperwork on their desk. Someone else took care of that. Someone else took care of almost everything. That is when I began to realize that the less you do the more important you are provided you get things done well by someone else. “ The Art Of Delegation”

2. A few good people on your team could make all the difference: There is theory in business called the 80-20 theory. Many speak of this theory. For example, twenty percent of the Real Estate Agents do eighty percent of the transactions. Eighty percent of the contractors do poor quality work. Only 20% of the Attorneys/solicitors are skilled in More complex Real Estate transactions.

What a Fractal Is
While this concept is amazing enough, what is more amazing is that this “80-20 Theory” is a fractal. Encarta describes a fractal as “an irregular or fragmented geometric shape that can be repeatedly subdivided into parts, each of which is a smaller copy of the whole. Fractals are used in computer modeling of natural structures that do not have simple geometric shapes such as clouds, mountainous landscapes, and coastlines.”

What this means is that 20 percent of the 20 percent bring you 80% of the 80 %. And so on infinitely! Do the math for the fractal. You have less than 1% of the realtors for example bringing in over ½ of the business.

The Effects of Fractals on Team Building
Even in sports teams we see the “fractal effect” where just a few superstars can carry not just the team but the entire league. What effect do you think Babe Ruth had on baseball? What effect did Michael Jordan have on Basketball?

How Fractals Can Help You Build Your Real Estate Investment Team
It’s not how many people you have on your team but, who? Start with you. Not too difficult to hold yourself responsible if you can remember that the less you do the more important you are. However, you will have to find others that “get it done.”

The bottom line is you need to develop a strong team of the best possible players. Let’s look at this “best people fractal concept” in action:

When Bill Gates left Harvard to start the Microsoft Corporation he had a big dream and precious little money. He met with Paul Allen, his partner, and they both agreed to make the dream come true they would need to hire the brightest minds in the country. They also discussed their money position and the thought scared Bill so much he just looked at Paul and said. “You do it.” Right from the get-go Bill Gates had the right guy on his team. Need we say any more about how critical it is for you to have a top notch team right now?

Specific Members for Your Team
Below we will look at some of the specific kinds of people who may be able to help you. The detail here is daunting. But, we will begin with some of the specific things you may want from those people. How do you find them? How do you impress them to work with you when you do find them? Just what did you want them to do for you?

Attorneys / Solicitors
I have an investor friend who is a millionaire many times over. You would never know it to look at him. He is so tight he only buys a new pair of shoes about every five years and never spends money on shoe polish. But, he is not afraid to spend money where he thinks it will help him. I have never forgotten his advice about attorneys. “Don’t forget to pay your Attorney. You never know when you might need him.”

An attorney / solicitor can help you in many ways. Here we will go over how to communicate your needs to an attorney in a way that makes it clear just what you expect from him or her.

Initial Attorney / Solicitor Pre-screen Script: Your 30 Second Commercial
You are on the phone with Attorney/solicitor Johnny Jones who called you back after you left a message asking him to call you.

“Thank you Johnny, for returning my call. Mary over at ABC speaks highly of you and suggested I give you a call.

Johnny, I realize it is customary for people in your business to offer a free initial consultation, and I’m OK with that because I am a Real Estate Investor and am looking for an Attorney /solicitor I can develop a long term relationship with.

If possible I would like to meet for lunch where we could get to know each other. When would that work for you?”

Perhaps, your attorney / solicitor will ask for more detail about what you wanted from him or her. You would say something like: “Thank you for bringing that up. I would like to spell out just what I’m going to need help with so you can see if I am the kind of client you would want to work with.

Are you OK if I take a minute to list the things we should visit on? — Listen! He may say OK or may speak.

When you get to speak again, go over any of this that he has not covered.

1. It is critical to me that I feel good enough about my Attorney to send him new clients because I insist he do the same for me in situations where I can help someone with property issues. “Mutual Referrals”

2. Joe, I work in Mortgagee Sales {foreclosures}and other distressed property situations using nuclear financial leverage. Your job will be to make certain nothing blows up even with all inclusive trust deeds, lease options, 3rd party lenders. And of course selling to buyers who are so risky no bank will touch them. Obviously, I will need my legal ducks in a row so I can get dead beats out of the property post haste and make, not lose money in the process.

3. We can go over fees, retainers, and time lines at lunch.

When is a good time to get together?”

Things to Go Over at Lunch
1. The law on Mortgagee Sales here appears to be 6 pages (you should have this with you yellow highlighted and present it). As you hand it to the attorney / solicitor, ask a question like: “What are the issues you see as most needing concern and care during the foreclosure process?”

2. Obviously, I would like to know of any loopholes, or opportunities for advantage at pre-foreclosure or post-foreclosure. I realize the rules are always strict at the auction itself. However, if there is any slack in the rope, I would want to know. I sure don’t want to lose my deposits. Are there ways I can by using your expertise or connections to gain an advantage that won’t come back to haunt us later down the road? {This conversation will vary based on the laws in your country}

3. Do you have any insight or connections to get early discounted settlement from financial institutions in the Mortgagee sale{foreclosure} process?

4. First, what is the law as it relates to getting people out of a {Mortgagee sale}foreclosed property and more importantly how long can it take if they are sophisticated in their effort to stay without paying? Could you give me a range here with a maximum amount of time it will take me to get them out if I do it your way? Oh, and what will that cost me?

5. Are you able to hold cheques in {escrow} your Trust Account without depositing them on deals I structure where I clearly state in the contract, “cheque being held in My Attorneys /solicitors trust Account {escrow}.”

6. Do you know of any private investors I should meet?

7. When I look at properties I will be coming across people with issues such as death, disease, divorce, and debt that need legal help. I will have them call you or better yet I will call you and introduce them over the phone. “Referrals”

8. My question is what do I need to do for you to be comfortable in introducing me to people I can help? “Asking For Referrals”

The Title Company
You don’t have Title Companies in Canada or many other parts of the world. And you may be able to get an attorney / solicitor who will do the same thing as in the states. So don’t get hung up on the semantics. Substitute the word attorney / solicitor for Title Company if it serves you.

I have a student who has the inside track because he has the code to his Title Company’s property data base. This way he can see details on each property that is in Default {foreclosure property} he is looking at and figure out what is going on in terms of mortgages and encumbrances.

As a general rule you would be looking for a Title Company that will give you preliminary title searches on properties you are looking for at zero cost. Obviously, if this is not possible you are looking for small costs that can be paid at closing.

Title Companies can introduce you to attorneys who are skilled in real estate and have had much experience with foreclosures. They may even be able to introduce you to helpful private investors, superstar real estate agents, and other insider knowledge.

You are looking for a title company that is familiar with dual closings and will share any information on dual closing friendly banks, pre-foreclosure “NOD” lists, and lots of other goodies, maybe even doughnuts.

Real Estate Agents
Any way you slice it 6% is a lot of money. Worse, most agents will be out of the business in less than a year or just can’t help you. Why pay them 6K per hundred? The bottom line is if you are going to use Real Estate Agents get your money’s worth.

Here are some things you should want and figure out how to get:
1. The code to tap into their MLS. This may be all you need from your realtor.
2. Insider secrets on distress properties.
3. Help in getting FREE Tile Search Comps.
4. Willingness to carry back long term Trust Deeds on the commission or at least wait till the flip.
5. Knowledge of the market and changing conditions. More importantly a willingness to share this information with you.
6. Creative thinking even nuclear leverage.
7. Always remember most of the superstar RE Investors either own a brokerage or have one in their hip pocket. Either way you want a top-notch agent that gets deals done at margin with most of the fee going back to you.
8. Some realtors can get you in touch with top notch contractors who can help you get those flips done quickly with quality workmanship to a tight budge.
9. Realtors who are successful property managers can be especially helpful. — What you are looking for is properties with a positive cash flow. You can keep these properties for yourself or flip them to other investors who are easy to find when the cash flow is positive.
10. If the realtor is a property manager you want one who can pull renters out of a hat like a magician.

As with any person you get on your team, it is critical that you understand how to get bang for your buck so to speak. Naturally, everyone including your realtor wants to harvest first and plant later.

Some realtors get a listing and can’t even afford a sign for the property. How much time and money do you think they want to invest in an investor want-a-be? Nonetheless, you can win the hearts of realtors by bring them leads for listings.

When you call on a FSBO where you can’t get the price you want to make sense, at least ask if it would be OK for you to have this superstar realtor you know give them a call. “I know this realtor who is real good at getting property sold and seems to get more money for the deals than other realtors, would you be offended if I had her give you a call?”

Renovations and Quick Flicks Teams
The point guard of the Flicks Team once the property has been purchased and the refurbished begins is the PM or Project Manager. Get a good one. Work from a contract your lawyer wrote to protect you.

Don’t be afraid to protect your assets. Many subcontractors are people who claim to have skills they do not have because they are desperate. Some are lawbreakers who would show up on any radar screen at a regular job. Far too many will steal from you at the first opportunity.

Look for profiles to test people before they work for you. You can assess the likely hood of someone stealing from you and their dependency on contraband drugs with 90 to 96% accuracy for as little as $36.00 per person. www.myprofile.com.au

Let those who work for you know you are serious about protecting your assets. Don’t be afraid to use guard dogs, credit searches, and other security techniques. With today’s technology you can implement top notch security at bargain prices. What does it cost you if the kitchen cabinets you are about to install disappear?

Putting your team together:
Don’t pay too much for your whistle. Find ways to do things that leave a profit for you. Look hard at the numbers. Learn how to say; “No thank you, I’ll pass.”

Times change, your needs change. You will outgrow your need for most of the people on your team as you grow or you won’t grow. Be able to separate friendship from business or be prepared to lose money - lots of money. Look for people who have strengths where you are weak. www.myprofile.com.au will help you find the right sort of person to be on your TEAM.

Be able to adapt your personality to theirs when you work with them. For example highly technical people such as accountants and engineers come out of a different mold than outgoing sales people. It is easy for them to clash. Bottom line, you are responsible for your business. Don’t blame others but take all the responsibility yourself because that is how you learn to make things better. The only thing you have total control over is yourself. That’s why it is critical that you do your own Profile and find out who your Personality Profile needs to Deal with all of the others “Turns You Into A Mind Reader”

Never forget the proverb, “A soft answer turns away wrath.” Don’t apologize for the fact you are in business. Mention your need to make financial sense of any relationship right off the give go. It will make it easier to cut the ties later.

Obviously you will want money. Therefore, you will want to find adventuresome bankers, other investors, Money Partners, renters, and buyers. To find them you will want to be able to make an eloquent presentation. Hence you may want to find property inspectors, Valuers {appraisers}, and house stagers as well.

——————————————————————-

“Keep looking below surface appearances. Don’t shrink from doing so just because you might not like what you find”

– Colin Powell

With Regards

Axel Henriksen

Millionaire Makers International Limited

Your Wealth Creation Coach

For consulting support or discussion matters

Preferably call me from 9am to 11am or after 6:00pm New Zealand Time Mon to Fri or

anytime through Skype or MSN Messenger when status is Online or Available

Who am I check me out here: www.linkedin.com/in/axel4life

SKYPE[callto://axel4life/]

Email:axel@millionairemakersinternational.com WebPage:www.millionaire-makers-international.com

Mobile: 64-27-2890348 (wk): 64-9-4834029 MessageLine: 64-9-4834050

This entry was posted on Friday, November 23rd, 2007 at 2:53 am and is filed under Real Estate, Millionaire Mindset, Business, Entreprenuership, Personality Profiles, Axel Henriksen, Wealth Creation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.