Hey, hey, hey! Naomi Findlay here, your personal rapid renovation expert.
I’ve been talking a lot about finding your patch and your strategy for the renovation side of things. But what about the people side of things?
Do you have all the expert knowledge when it comes to the nitty gritty stuff?
Are YOU a pro at everything tax? Will you be able to know if something is legal or not, without thinking twice?
Unless you’re an accountant or lawyer in your day job, the answers to those questions are probably no.
But that’s ok. I’m not asking you to study postgraduate mathematics or sit the bar and wear a grey wig.
Like I’ve mentioned before: you don’t have to be a Jack of all trades. And you shouldn’t be. You should definitely be leaving the professional work to the professionals, for the sake of your project and your sanity.
The question then, is: who exactly do I need and where to I find them?
And that’s what I’m here today to help you with.
First thing’s first.
Finding the perfect team may take some time. This doesn’t mean that you should delay the start of a project until you have found this A-Team.
I’m not saying you should pick the first accountant that is listed in the Yellow Pages, just for the sake of having that tick in the box and rushing into your renovation.
What I am saying is that you may pick an accountant and later on down the track find someone better suited to your goals and strategy. The easiest way to see this fit is obviously to work with them. After your first project it will be pretty clear if your chosen A-Team might need to a re-think.
Like with everything else, it’s never too late to chop and change. In this instance, you just need to remember that these pros are people just like you. And if you’ve had a one-off disagreement, it can be easily sorted out with some communication. That’s why communication is one of those super-duper important skills I mentioned in an earlier post.
So, who are these fateful five, then?
First up on the list is the money guru.
Otherwise known as the financier, your money guru should be the guy (or gal) who helps you get your cash ready for the biz of renovating. He’s the one who should be setting you up for any necessary loans for your project, and giving you some kick-ass advice about what sort of money set-up is right for you.
A red flag when it comes to your money guru is someone who wants to shaft you into the first loan he mentions, without giving you a proper run down of what’s involved and what other options are available for you. If you come across this guy, run.
The green light guru will be the one who gives you all the options, not just when you’re starting out, but later on down the track as well. This is the kind of guy you want on you’re A-Team; the one who will give you options as your business evolves.
Ok, who is this and what are they certifying exactly?
A certifier is your inside man to knowing all the stuff that has to with the actual planning and developing side of things. He’s the guy who knows the ins and out of whether you can actually extend that terrace by 2 metres, or throw up an extra balcony.
It’s all well and good to draw up a beautiful upgrade, but it’s useless if it can’t be built because of council rules in that particular area. This is where your certifier comes into the picture.
Council rules are forever changing, and each council in each city and state has so many different requirements that it would be hard to keep up, even if you did just stick to one council. A good certifier will be like a walking council rule book.
Don’t know if you can add a garage space? Ask your certifier.
Not sure what sort of application you should be seeking? Ask your certifier.
The third one comes up a lot in my examples. This one is your tax guru.
Your tax guru is essential to helping you not only with the business side of things, but also for the asset side of things.
A good addition to your A-Team will be the accountant who lays out all the facts about what you can and can’t do tax-wise, as well as what you should be doing when it comes to your business structure. That kind of tax guru will keep you updated if and when tax laws change, as well as when your own circumstances change.
A not so good accountant will only give you what you ask for in a general kind of way, without digging deeper to find a good fit for you. Any “tax guru” can tell you how much CGT you’ll have to fork out; it’s the one that gives you the third option, the one you might not have considered, that is the keeper.
4. Real Estate Agent
Think these guys are just useful at the tail end of the renovation? Think again.
Real estate gurus can help you with deeper insights on your market. They can actually help you find that market and even give you a hand with the negotiating part of it. Those are the good ones, of course.
Steer clear of the ones who just send you a pre-made generic flyer about the suburb. Remember, you want personalised information, not the stuff that’s been handed out for everyone to see.
Find the real estate guy who help you find projects for your personal patch and even gives you little pointers on properties that he isn’t selling himself? That’s the guy for your A-Team.
A good lawyer is an essential part of your A-Team. Just like your real estate guru, your legal guru is super useful beyond the actual buying and selling part of things. Sure, he’s definitely useful when it comes to the actual negotiating terms of your contract, but it doesn’t stop there.
Your legal guru can help you figure out the best business structure for your personal needs, as well as put safety nets up to help protect those precious assets.
Just like your tax guru, he should be giving you personalised options for your business needs. Are you looking to join forces with someone else? A good lawyer will give you the pros and cons of that and work to find the best legal way of protecting your side of the deal.
A not-so-good lawyer will just do what they’re told and draw up the actual partnership without diving deeper to give you other options. I know the kind of one I would want – do you?
There are other professionals on top of these five that you should consider adding to your A-Team. It all depends on your personal needs and where you are at in your renovation business.
My Rapid Renovation Formula goes further into these and any other pros you might need. This list should give you a good head start on finding your own A-Team. Happy hunting!