The most successful things in life blossom from partnerships, and it really does make all the sense in the world. When it comes to passion for business and success, two minds are definitely better than one.
Richard Dolan (the president of REIN and the resident expert on Performance for real estate investors and professionals) states, “being a real estate investor is not a one-man sport, but is a team event”, and quite rightly so.
The first step in building a successful partnership is defining what type of partner you are looking for.
– This would be a fellow member to share information, ideas, analysis, and resources.
– Someone who can aid you financially in your pursuits.
Joint venture partner?
– An individual with harmonizing skills of more refined knowledge.
Once you have decided on what type of partnership you are looking for, the next phase would be selecting that partner. When doing this, you should keep in mind a few things. The result they are aiming for should be made very clear; obviously you should be on the same page. You should also be aware of their reasons for attaining such goals. Work ethic should sway your decision quite strongly, especially when they are faced with challenges. Lastly, timeline. When do they see these goals being achieved?
A partner has now been selected; commitment becomes a very key factor. You should be in contact with this person on a regular basis, at least once a week. The main discussion points should be what you have both done, how, and what help is required of the other person.
Partnerships can be great both financially and personally. Once goals are completed be sure to acknowledge each other on the success!