Even seasoned real estate investors and entrepreneurs require a great “team” to insure success. An effective team can consist of an accountant, attorney, broker, financial advisor, lender, and other investors/entrepreneurs serving as mentors. Each team member brings an area of expertise to the table that can be extremely valuable in your next transaction.
When getting into commercial real estate keep these team building tips in mind:
Hire a commercial real estate attorney
It is important that your attorney has skill in the particular type of transaction involved. An attorney who concentrates in personal injury law may not have the necessary expertise to review complicated commercial real estate agreements. When hiring a commercial real estate attorney, make sure you have discussed the attorney’s pricing, projected turnaround time on reviewing documents and policy on returning emails/voicemails.
Find a commercial real estate broker
A savvy commercial real estate broker is invaluable in a real estate transaction. Knowledge of market trends, pricing, conditions affecting a property, township/municipality politics, and tendencies of Sellers or Landlords are essential when negotiating a deal.
Rely on the experience of a commercial real estate mentor
Commercial real estate mentors have been through many battles. They have experienced the pitfalls and hopefully the successes of numerous transactions. You can learn a lot from their trials and tribulations-and most importantly, they can offer unbiased insight and advice.
Contact us for more info on how to build a real estate team
Building a winning team is the first step to building a successful commercial real estate business. There is no right or wrong way to build a team, but getting the right people in the right positions is imperative. At JM LAW GROUP, we pride ourselves on being the commercial real estate attorney Philadelphia and NJ businesses and professionals can rely on. For more information on how to build a real estate team, please contact us to schedule an appointment.