The apparent difference between a professional landlord and an amateur one is the fact that professional one understands the power of a good team. While the amateur one thinks he can do it all on his own and also make a profit.
It’s essential for a landlord to understand that task delegation is a skill that will bring them more business and fewer mishaps. A landlord can’t be in all places at once; needs to understand and appreciate the power of a good team. Trusting outside expertise and bringing in a qualified team can make your business soar. Having a team becomes even more important when you have multiple properties to take care of.
Every landlord who is looking to expand and add more properties to his or her rental units, it’s essential to have certain people on their team. A handyman to take care of minor repairs 24/7, an accountant to keep the books in line, a lawyer to handle all legal affairs, etc. if you think you can handle all your properties without a strong team, you will soon know how hard things can get and how much money it can cost you.
However, if you understand the importance of a good team, here is a list of people and their expertise that your career as a landlord can benefit from.
One of the biggest aspects that can make your business profitable is paperwork. No one likes doing that, but if you do it successfully, you can account for every penny that you have made and spent. So hiring an accountant is the most important thing when it comes to taking care of the rental business. An expert accountant will also help you claim the credits as well as deductions that you or your property may qualify for.
The most important person that you need in your team, apart from your bookkeeper, is a property manager. Keep multiple properties in check is nearly impossible for a landlord. What such a landlord needs is an efficient and highly reliable property manager. A property manager looks after the property, manages it, keeps an eye on the tenants, maintenance, pay the bills, etc. Without a property manager, it’s easy to lose track of responsibilities as a landlord has many. Hiring a property manager will give you a lot of free time that you can use to build your career, concentrate on other aspects of your business, and revise strategies.
Real Estate Agent:
Need a good turnover rate? Better and responsible tenants? The simplest way to do this is to appoint an efficient real estate agent. A real estate agent in your team is a brilliant resource that can help you understand the working of the real estate market and also help you set the ideal rental rate.
A real estate agent can aid you with the following:
- Finding better tenants
- Screening the candidates
- Listing your property
- Arranging open houses
- Getting the word around about your rental property
- Minimize the vacancy rate
Furthermore, hiring services of an excellent real estate agent will also help you maximize your renter’s pool and pick only the best for your property. This means, better tenants, longer contracts, and no rule-breaking or illegal activity. You can also get your real estate to show your properties; this is a smart move as they know how to lure people in and show the property in the best way possible.
You might run your property by the book, but there are times when avoiding a legal complication is possible. A lawyer on your payroll means you get timely advice, and all your legal papers will be in line.
Your lawyer can also represent you in court so you don’t have to leave work and chase cases. If you are a landlord who is taking care of multiple properties, it’s a smart move to appoint a lawyer who will assist you with the eviction process, discrimination claims as well as disputes about damage or liability lawsuit.
Having an appraiser in your team will help you at the time of selling or refinancing the property. An appraiser helps you asses the property; he also makes sure that the value’s property is met with its demand.
Insurance helps you safeguard your property against any kind of natural disaster, as well as accidents. A skilled and efficient agent will enable you to get coverage for damage caused by wind and snow. He or she will make sure that you are properly guarded against flooding as well. If you haven’t got one, it’s not too late to hire. A new insurance agent will assess all your old policies and advise you on adequate changes regarding it.
80% percent of the tenants leave behind a mess when they move out. A property inspector can distinguish between wear and tear and give you an estimate of the cost or repair. You can, then, deduct that from the security deposit. Having a property inspector will keep you from potential disputes too. It’s a smart move to get an inspector in when any tenant moves out, so you can check out damage a well as structural issues that might later morph into severe problems. Many structural issues come under safety or code violations so that they can get you in trouble with the authorities too. You can avoid all this and more if you choose to hire a property inspector for your rental properties.
“A stitch in time saves nine,” we all have heard this saying multiple times. For landlords, that stitch is a reliable handyman. Having a skilled handyman will save you a lot of trouble; he can mend things before they get out hand, he can keep minor leaking from becoming a flood. A handyman takes care of problems that can affect the property’s plumbing, sewage, or electric circuits.
An efficient landlord understands the need to have a reliable team and how vital a team can be for his business.