Being a ‘solopreneur’ might sound appealing but it’s hard work. People enter the world of property entrepreneurship to build the business they want. However, being a ‘Jack-Of-All-Trades’ could burn you out eventually and you might lose focus.
Napoleon Hill talks about having a ‘mastermind’ group – individuals with specialised knowledge and skills that you can draw inspiration from or to help you if you’re stuck on a decision. These individuals could help your property business succeed.
“Criteria for your mastermind group is basic: it’s people that you trust…”
How do I meet my mastermind group?
If you’re lucky, you already have people in your life that could form part of your mastermind group. Otherwise, you’d need to attend networking events to ensure that you’re in contact with industry professionals.BOOK NOW
The mastermind group that could help your business
Your Mastermind Group is comprised of people who you trust. This group of individuals will be there to provide and receive advice. This group will include the following people:
“An experienced property manager has their finger on the pulse…”
A fellow property investor
Your natural competitive instinct will kick in at the mere mention of another property investor. However, the South African property market is vast and is open to plenty of opportunities. The property investor in your mastermind group may not be interested in the same property strategies – they could be solely focused on capital flips where your business objectives are to build a portfolio consisting of rentals.
The property investor is there to help with you with brainstorming and serves as a fresh pair of eyes should you need it. For example, perhaps you’re stuck on finding an investment property. With their resources, they could help you with a location – perhaps a place you’ve never considered investing in.
To ensure you maintain a friendly relationship, communication and trust are key. If you’re including a property investor in your mastermind group, make sure it’s someone that won’t try to steal your investment ideas.
Bonus points if you are a lawyer but if you’re not, you’ll always need legal help. Part of building a successful property business means having legal advice to ensure that everything is on the right side of the law.
The property manager is the middleman between you and your tenants. They also provide great insight into the ideal tenants. An experienced property manager has their finger on the pulse when it comes to what’s happening in your building and any other investors’ buildings.
Even if you don’t employ them, meeting with a property manager is beneficial to your business. They’ll guide you on how to better your relationship with tenants and what potential tenants are looking for when searching for their ideal home.
A financial advisor is always helpful, even if you do feel you have a handle on your finances. You can turn to them if you’re looking for expert advice before making a purchase or securing your next deal.
Real estate agents
Want to know how the property market is performing in a certain area? Of course you do! Having a real estate agent within your mastermind group can help you determine which strategies you should be using to secure your next property deal.BOOK NOW
Ready to build your mastermind group?
Our free property investment seminars will connect you with fellow property investors and experts who have built profitable property portfolios. Book your seat today and network with the best!BOOK NOW