Recruiting Vendors

TLDR
The vendor list does not make the business. Your skill at finding and leading people lets you rebuild the list as it changes.

Table of Contents

Everybody says real estate is about building a great team. I think that puts the emphasis in the wrong place.

It is not about the team. It is about you. You make the great team.

Build great skills. Learn to size people up. Learn to find them and lead them. I have been through a lot of contractors, wholesalers, lenders, and agents. They matter, but no one vendor makes or breaks the business.

The Core Vendor Groups

  • contractors who do the work
  • wholesalers, if they are one of your deal sources
  • lenders and banks that fund deals
  • real estate agents who help buy or sell
  • property managers when you hold rentals
  • attorneys, CPAs, bookkeepers, and insurance brokers when the business actually needs them

Lenders make money by lending to customers who can repay them. The lender is not doing you a personal favor by making a good loan.

Do not build the admin layer before you need it. Focus on the skills that help you find and work with the right people.

Build the Rebuildable Skill
Vendors will change. Your skill is the asset. Learn to find and lead the next good person.

FAQ

Does one great vendor make the business safe?

No. Vendors matter, but the operator must know how to find the next good one.

Which vendor groups does the source name?

Contractors, wholesalers, lenders and banks, real estate agents, property managers, attorneys, CPAs, bookkeepers, and insurance brokers.

Should I hire every admin professional at the start?

No. The source says not to get worked up about attorneys, CPAs, bookkeepers, and insurance brokers until the business needs them.