The value of your network

For years I used to do everything myself, from repairing my car engine and fixing roofs to writing my own legal contracts. As you can imagine, this consumed many hours and as good as I might have been, I don't think I did as good a job as an expert who performs those particular tasks every day. Then finally I realised that I needed to stick to what I'm good at - doing real estate deals - and leave the other things to the experts.

This is where the power of your network comes into play. Your network might include your real estate agent, accountant, solicitor, buyer's agent, mortgage broker and other professionals. Other property investors may also be a part of your network. You need the right people, from the right disciplines and with the right experience to maximise your chances of success. Your net worth is determined by your network.

It is important to ensure that the professional advisors in your network understand property and can provide competent advice. To ensure your advisors are well versed with sound property investment strategies, ask questions, check referrals and get a sense for how successful they are in their business. Success leaves clues.

Make sure your advisors are smarter then you are!