The Investment Real Estate Advisor Checklist
The Investment Real Estate Advisor Checklist – By Erik Miethner
Investing in RE is a business – no matter how you slice it. It’s an excellent platform that enables you, challenges you and helps you grow as a business owner. Whether you have one property or hundreds, your business is investment real estate. As the President and CEO of your business, it’s wise to engage advisors to assist you in doing the things that need to be done (i.e. your team). The nice thing is that there are plenty of advisors out there.
But how do you find the ones which will deliver the most value?
Through many conversations, over the course of many successful – and some failed – RE investments, I have found that the good ones all possess 5 common characteristics. Have a read and see if you’ll agree that a great advisor will…
Have direct experience;
This is the most obvious one. Without first-hand experience, advice can be useless and outright dangerous.
Good advisors have opinions and are not afraid to share them. As with experience, it’s important that these opinions draw from knowledge that is sufficient for these opinions to make sense.
Be willing to listen, but…;
There’s a big difference between having opinions and being opinionated. One is a skill, the other is a fault. A good advisor will always listen to anyone, using that information to form, adjust, enhance, and ratify their own opinions.
When necessary, politely disagree;
You don’t want an advisor who “sways with the breeze”. If, after listening to everyone else’s views (including yours), an effective advisor will stand by their point of view and, if necessary agree to disagree.
Have a track record showing the accuracy of their predictions;
Lastly, and second most importantly behind experience, the best advisors have shown time and again a very high accuracy rate for the ultimate outcome of the topics behind their opinions. Being open-minded and aware of one’s own shortcomings are important traits of a successful small business owner.
Finding an advisor with similar beliefs and principles as you, who also happens to have these 5 characteristics, can pave the way to great results for your RE investment business.
If you’d like to speak with us about investment properties in the Hamilton area give us a call today. We’ll be happy to answer any of your questions and show you how you can make real estate a successful part of your investment portfolio.