You can fly solo in this business and do okay. If your goal is to acquire a few properties and collect the rent you’re probably going to do just fine on your own. However, if you want more than that, maybe you need to enlist the services of others. No, make that, you’d better enlist the services of others.trusting your partners Forming a professional team means you can get more done in less time with experts in their respective fields providing the data points you need to make investment decisions.

So, when you do decide it’s time to expand, what should you look for? First, you need the key players. You need a solid real estate agent with experience in investment properties who can provide solid valuations of “as is” and “as completed” properties. Even if you’re a licensed agent now, having someone else working full time will give you the opportunity to evaluate more opportunities in a shorter period of time. A general contractor you can trust who provides reliable figures both in terms of cost and timetables is important. So, do you just go out and find the best you can?

Sure, but don’t forget the personality test. No, there’s no need to have potential team members take a personality test to see if they fit with yours but you do need to make sure you communicate well with one another. This is most easily explained when a Type A personality mixes with a Type B when tackling a job. The Type A person will automatically take charge, move forward and be very direct when communicating. This can rub the Type B person the wrong way who has a preference to be more methodical in the approach.

In addition to compatibility is probably the most important facet of all—trust. At first, there will be a certain level of trust but that will grow as more successful deals are closed. At some point, the level of trust will be so strong all team members can work independently toward the same goal. Trust and compatibility. Two keys for a successful alliance.