Real Estate
How A Real Estate Partnership Can Help You
May 30, 2019

I am sure I have said this many times – one cannot be can-do-everything-guy in real estate. You’ll always need help, in any form possible.

This is where real estate partners come in and help you in your venture.

1.    Your partner can take some load off your shoulders

Like any business, real estate also includes a number of different directions that need to be looked at in order to survive, thrive and compete.

You might be able to do all the tasks on your own in the beginning. However, as you get involved with larger real estate projects, you will start to realize that you can’t be the guy with all the hats. Sooner or later, you will realize the need for a helping hand – you would appreciate it if it’s sooner than later.

Now, when you get the help in the form of a real estate partner, you’ll realize how much more you can get done when you are able to focus on certain tasks instead of all of the tasks.

2.    Your partner will allow you to focus on your strengths

Your real estate partner doesn’t only make things easier by sharing some boring work that you hated doing, sitting at a desk for hours. He/she will also allow you to do things you love and feel confident doing.

When I started in the early 2000s, raising capitals, borrower management, etc. weren’t my strong suit. I was more into managing the assets, overseeing the renovation, handling the tenants and other field work. So, when my partner decided to take over the desk work and financial aspects of the venture, I was able to concentrate on the things that I am good at.

3.    Your partner can fill in for you

You cannot work 365 days a year. You must take breaks every once in a while. However, your needs in your workspace or to your tenants won’t take a break. You’ll always be needed somewhere. But when you have a partner in the venture, he/she can take your place until you are back. So, if you don’t want to be disturbed next time you go on vacation, make sure you have a helping hand to take your place, or at least hire a real estate assistant.

4.    Your partner gives you a new set of eyes and a whole new perspective

Every once in a while, you will face a situation where whatever you do won’t work. This happens to the best of us.

What to do then?

Well, wise men will tell you to get a new perspective or to observe the situation from a different angle so that you can make a different decision and correct the problem. To be honest, it’s not that easy to get a new perspective on your own. But when you have a partner to accompany you, a new set of eyes and a new perspective is exactly beside you. And it will help you take a sound decision and be more observant in the situation.

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Richard Nevis

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