Working Alongside Your Spouse As A Real Estate Investor
Those that have had a taste of the rewards real estate has to offer, often want to pull their spouses and significant others into the fold. So how do you convince your other half to take the leap? Is it even smart to do so? If you are on the same page, what are the best ways to work together in real estate?
How to Convince Your Partner of the Awesomeness of Real Estate
One of the most common questions real estate agents, investors, and industry startup entrepreneurs have is how to get their life partners as excited and involved in the business as they are. After all, if they only experienced the monetary, scheduling freedom, and thrill of real estate for themselves, they’d be hooked too, right? Plus, you could achieve so much more together!
Not everyone gets it right away. Many may think that it sounds too good to be true. Or maybe they aren’t that excited about having to learn something new, or taking the leap into something they haven’t proven to themselves works yet.
Of those that have reeled their partners and spouses into real estate with them; it is often a result of either letting them learn their way, or simply showing them the results. Bring in a few big money checks from your real estate closings and they’ll probably want to help you make more. Others just need to have their own “eureka” moment. Leave your books and real estate education courses laying around long enough and they’ll probably come to you.
4 Ways to Work in Real Estate Together
Whether you both magically fell head over heels for real estate at the same time, or you have finally come around; what are some of the options?
- Working side by side on the front lines of investing or real estate sales
- Owning and operating a real estate business together
- Working in different parts of the industry, but not together
- Helping each other out, but not necessarily both working in real estate
If you are going to work together; how will decisions be made? When you don’t agree, will one of you have the final say? How will you separate work from personal life, so that you aren’t working 24/7 and forget to enjoy your personal relationship?
If you will be operating a real estate business, either as a brokerage, real estate investment firm, or managing rental properties, who will adopt which roles? Is one of you more talented at sales and marketing, and the other at paying attention to the details? How will you plan for the day one of you no longer wants to work in the business, or your relationship hits the rocks? How will the real estate company you built keep going, or be wound down? Or will one of you simply be an employee of the company?
Another option is working in different roles within the real estate industry, but ones which complement each other. For example; one partner could be a Realtor and the other a mortgage broker. Or one a title company rep., and the other as a real estate investor.
The dream of working together in real estate can become an amazing reality for couples that can work well together. The perks of a fantastic income and flexible scheduling can really come together for these couples, and create a magical life.
However, not all couples are built to work together. If you feel you might be, make sure you are on the right page. Remember what is most important, and make sure you are in it for the right reason.