A dive into real estate is not a one-man-job. I was so wrong.
No matter what position you are in, a newcomer in real estate or someone with years of experience, you’d always need help and this help can be either from a real estate partner or an assistant.
But who would “you” need?
Before we get into this argument in detail let’s remind you who is a real estate partner and who is an assistant.
A Real Estate partner
In simple words, a real estate partner is someone who compliments your skills. The areas where you lack, your partner should be able to work on them and eliminate the lack of that expertise in your partnership.
A Real Estate assistant
A real estate assistant doesn’t need to have a complementary skill set of yours. He or she is there to take some pressure off you.
Why would you need a real estate partner?
There are several reasons to be in a real estate partnership.
- To take advantage of the complementary skill sets of your partner: As the definition of partners goes, the first reason why you would want a partner is his/her skill sets. You definitely don’t have those skills to the extent you’d want. So, if you are lacking in some area and finding it difficult to manage, you should think of a partner.
- To save your time and do what you do best: If you think that some tasks are taking too much time from you because you are not efficient in it and you wish you would rather your time doing something you are good at and enjoy, then getting a partner would be the best solution.
- The main concern, money: Well, there shouldn’t be any hesitation if you are looking for a partner just to round up the amount. Many investors do that. They only partner up with people because they need more capital.
When I had just started in real estate and had been eyeing an asset for weeks but wasn’t able to get the deal done as I didn’t have enough money. So, I looked for a partner just to contribute the remaining amount and I should admit, the return from that asset was over 17% and would have not been possible without a partner.
Why would you need a real estate assistant?
An assistant might not be able to contribute to the capital but they can assist you with your work and make things easier.
- To save time & invest in more productive work: List gathering, data entry etc. are small tasks that aren’t worth your time. You can use this time to do more productive work and hire an assistant to sort these things out.
- You need a fresh pair of eyes: If you need a second opinion or an outsider’s view from an outsider (who is not a partner or party), a real estate assistant could help.
- People management skills: If you are not good at talking to people over the phone or making business propositions to an important person, you can hire an assistant who is experienced in real estate to assit you.
Now, look at the points above and see which of the scenarios reflect your state the most. Once you find out, it’ll be easier to decide whether you should look for a partner of an assistant.
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