EP 253: Must Haves Building a Syndication Team
Mar 22, 2022In syndication, the secret to winning is good teamwork, so how do you make sure that you’ve built a team for success?
In this episode, Liz and Andresa discuss the key persons you need, techniques to employ, and factors to consider when curating your syndication team.
Liz shares her journey to syndication and how defining your goals dictates your entire dynamic. Contrary to popular belief, syndication is less about the size and more about pricing and financial systems.
Join us and listen in to discover the ingredients to a winning syndication team as you pave your way to a successful real estate journey!
Quotes
• “There's a lot to syndication more than the team, but the team is actually one of the most critical pieces to the puzzle.” (1:19 - 1:25)
• “What are your syndication goals? Because syndication can mean you syndicate self-storage, you can syndicate multifamily. So syndication is just the means to the end. The thing you have to really be clear on [is] what are you going to syndicate and why are you syndicating.” (3:39 - 3:53)
• “Your first syndication could be a six-unit that cost $5 million in one market. So it all depends on the market and the cost. It's not just the size, don't think syndication’s size, it's more of the price and the amount of money that is going to need be needed to purchase the property.” (5:32 - 5:47)
• “Something to think about is: What is happening in the market that's not in the news?” (6:24 - 6:28)
• “You got to vet that property management company and you got to make sure that [it is] the right fit for what you need them to do. They'll say they are, doesn't mean they are. And you got to make sure that they know the market, they know your asset class very well. ” (8:49 - 9:02)
• “Get really clear on your goals, get really clear on your market… Know your asset class inside and out, know your competitors, and then make sure you're teaming up with the right property management company and the right commercial broker who know those local markets. And then get your core team in place.” (10:06 - 10:25)
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