Written in partnership DN News Desk
Photo Credit: Mathew Moxness
Mathew Moxness is a Canadian entrepreneur and the CEO of one of the most influential Canadian real estate investment companies, Crescendo Equity. Mat’s company does business with different types of properties, but they pay the most attention to underperforming apartments and buildings in the multi-family segment. In addition to running Crescendo Equity, Mat Mox is also a contributor to Forbes Councils.
Currently, Mat’s portfolio reflects an eight-figure value and an acquisition pipeline of over 300 units. However, Mathew couldn’t have done everything by himself; Mat is surrounded by trusted partners and reliable team members who help him get all the work done.
One of Mathew’s greatest regrets is not having proper team members to rely on early on. Luckily, he learned from his mistakes and made sure to work only with honest and reliable people.
Mathew shares his advice on how to build and manage the powerhouse real estate team.
How to Build the Ultimate Real Estate Team
Mathew’s team consists of his partners and multiple subcontractors managed through a small group of key people.
Finding a reliable contractor who can understand one’s vision and developing a good working relationship with them is essential for succeeding in real estate. After all, a good contractor can save a real estate investor thousands of dollars in rehab and turn costs.
Here are Mat Mox’s tips on how to find the perfect contractor to join your team.
Hire the right type of contractor
Real estate investors can choose a general contractor who acts as a project manager and hires subcontractors as needed, or they can find independent contractors, such as electricians, plumbers, and roofers, and manage each contractor themselves. Hiring general contractors can be more expensive, but for some, it is a better option since they don’t have to manage subcontractors themselves.
Get multiple bids
Even though it is not a must, it can be quite helpful to know the cost for repairs needed upfront. This can prevent overpaying for a project, materials, or even labor. In addition, getting multiple bids can also be helpful to gauge prices for the project or repair.
Choose the company carefully
Many real estate investors might be tempted to go for the most affordable option after getting multiple bids. However, the final decision should be based on the company’s experience and reputation. Finding more information about a contractor or a company is as simple as reviewing their website and asking for past work examples. Investors can also contact the company’s former clients and search the Better Business Bureau (BBB) for reviews or complaints, and it is a good idea to look in public records for any lawsuits against the company.
Don’t forget the contract
After finding the perfect contractor or subcontractor to join the team, Mathew recommends always putting the project in writing with a contract. The contract can include information such as the project location, start date, end date, parties involved, a comprehensive scope of work, and even penalties for breaching the contract timeline.
After finding a contractor, Mat Mox also suggests frequently monitoring their progress to prevent any mistakes from happening. For more advice and valuable information about the Canadian real estate market, make sure to visit Crescendo Equity’s official website.
