Investing in a rental property as a side income is a great option, and if you play your cards right, you can even turn this in your primary income source. As a landlord, the most important part of your job is to keep a vigilant eye on the property, make sure the tenants treat it good, and that there are no maintenance and repair issues.
This may seem like a simple job description, but it takes almost all the time and effort a landlord might have. The easy way to get out of this is to hire a property management team, who shall take care of everything on your part. Hiring one is good, but building your own team is an even better option. Here’s how you can start building your dream property, management team.
Professionals with extensive experience and communication skills are what you should look for when hiring a property management team. They will become your eyes and ears, so they need to be armed with a strong work ethic, outstanding communication skills as well as great attitude. Following are the areas they need to ace to become your dream team:
- Timely rent collection
- Amending lease agreements when needed
- Finding as well as inspecting tenants
- Eviction of tenants when needed
- Handy with onsite repairs
- Maintaining the property
You will need to find individuals from the field of real estate and vet them to hire the best men.
Hiring a Contractor
One of the most annoying aspects of rental investment is the repair and maintenance calls. No landlord is too keen on those. So, you will need to have a reliable and dependable contractor on your dream team. Word of mouth or local listing is the best way to find your guy.
Implementing the System to Follow
Your team will only follow what they see; if you are organized, they too will be organized. Leading by example, is the best way to lead any team. Make sure they see how clean and organized you are in your official space, and they will follow suit. Your management system should have the following:
- Employee handbook with daily updates
- Emergency procedures and how to process them
- A business module including all financial plans
- Updated contact information of everyone on the team as well as the landlord.
- A transparent system for receiving, sorting, as well as maintaining mails, tenant documents, invoices, etc.
- Building a proper work culture will help you a lot in leading your team with competence.
This is the most important factor in getting organized. Apps and technology make life easier, and it will surely take a lot off your hands when it comes to leading a team. Go with the most competent software to keep track of your accounting and operations. This will not only keep your record in perfect order but will also keep your office neat and tidy. You should get software’s that can do the following:
- Store all contact information
- General document storage
- Tax guidance
- Budgeting tools
- Lease management
The team should have access to a couple of features on these organization tools, and the thing will go smoothly.
Renting out properties is a business that you are getting your income from; your tenants are your customers, so you need to have a customer service mindset to make things go great. Timely responses, adequate communication are all part of this. A customer-first attitude will help you a lot in the long run.
Even after acquiring the best possible team, keep networking and improving; as a landlord, this is very important.