When I think about building a successful real estate investing (REI) team, I can’t help but draw parallels to my experience in the NFL. I played for nine seasons with four different teams, and during that time, I saw many coaches and players come and go. Everyone brought a slightly different skill set to the field, and together, we formed teams to accomplish some pretty remarkable things.
In many ways, putting together a top-notch REI team is no different from assembling a football team. Both require a clear vision, the right mix of talent, and a strategy to get everyone working together toward a common goal.
Just like in football, everything starts with a vision. As the coach of my REI team, it’s my job to set that vision and define our big goal. In football, that goal might be to win a game, while in real estate, it could be to flip a house for a solid profit.
Whatever the goal, it’s crucial to know exactly what you’re aiming for so you can assemble the right team to get the job done. If I want to flip a house, for example, I need to think about every single team member required to do so successfully. This starts with identifying the key players, much like deciding which positions I need to fill on the field.
For a house flip, my team might include:
Each role is crucial to the success of the project, just like a football team needs a quarterback to lead the offense, receivers to catch the ball, and an offensive line to block and protect.
If I can find all-stars for every role and get everyone on the same page, we’re set up for success. The trick is ensuring everyone works well together and that they’re all aligned with our mission.
Alignment and Incentives: Keeping Your Team on the Same Page
Getting everyone to perform at their best isn’t just about hiring the most talented individuals; it’s about creating alignment. In football, every player on the field knows their role and is motivated by a common goal: winning the game.
It’s the same in real estate investing. Everyone on your team needs to understand the big picture and their part in achieving it. This means aligning incentives so that each team member has a reason to perform well.
In real estate investing, alignment means making sure everyone is not only fairly compensated for their services, but also sees the potential for a long-term relationship and future deals. When people know that delivering exceptional results today could lead to more opportunities tomorrow, they’re naturally more invested in the team’s success.
Think about it: If the quarterback I hire throws a great game, helps us win, and shows leadership on the field, I’ll pay him more, give him more control, and likely offer him a job for many seasons to come.
The same principle applies to your REI team. If a contractor finishes a project ahead of schedule and under budget, or if an agent goes above and beyond to secure a great deal, you’re going to want to keep working with them.
Trust and Communication: The Foundation of Team Success
Trust and communication are the cornerstones of any great team.
In football, trust is built through countless hours of practice and open lines of communication, on and off the field. In real estate, it’s no different. Your team needs to trust that everyone is committed to the same goal and that there’s transparency in all dealings.
You build this trust by fostering an environment where communication flows freely. Make sure everyone feels comfortable sharing ideas, concerns, and updates. Just like a good quarterback has to communicate with his offensive line, you need to make sure your contractor knows exactly what’s expected, or your lender understands the full scope of the deal.
Adaptability and Flexibility: The Ability to Pivot When Necessary
No matter how well you plan, things will go wrong—both in football and real estate. Maybe a property needs more repairs than anticipated, or the market shifts suddenly.
In these moments, the ability to adapt is crucial. The best teams are those that can pivot and adjust their strategy when needed. This is why it’s essential to have team members who are not only experts in their fields, but are also flexible and solution-oriented.
In football, if the defense suddenly switches up their game plan, the offense has to adapt on the fly. The same goes for your REI team. You need people who can think on their feet and come up with creative solutions when the unexpected happens.
Leading Your Team to Victory
At the end of the day, building a successful REI team is all about bringing together the right mix of talent, ensuring everyone is aligned with your vision, fostering open communication, and staying adaptable in the face of challenges. Just like in football, your job as the coach is to set the strategy, put the best players in the right positions, and lead them to victory.
So think of your REI team like a football team: Find your all-stars, align their incentives with your goals, and keep everyone communicating and adapting. Do that, and you’ll be well on your way to a winning season in real estate investing.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.
