Importance of a Team for Landlording

Whether you have a separate full-time job or landlording is your full-time job, managing your properties can be time-consuming. Assembling a team of reliable professionals can help you to free up some of your time while also allowing you to focus on the areas of your business you enjoy most.

  • Wednesday, January 6, 2016

  General   Tips   

Whether you have a separate full-time job or landlording is your full-time job, managing your properties can be time-consuming. Assembling a team of reliable professionals can help you to free up some of your time while also allowing you to focus on the areas of your business you enjoy most. From contractors to lenders to real estate professionals, it’s important to have a team of professionals you can call on when you need help. Below are just a few of the professionals you should have on your team.

Real Estate Agent

Unless you have a real estate license, you will need a real estate professional to assist you in finding rental properties. You might be surprised to discover that having connections with a real estate agent can often help you locate properties before they even go on the market. Furthermore, an agent can prove to be invaluable in terms of negotiating.

Lender

Landlords also usually need a lender on their team to assist with funding the purchase of rental properties. Along with buying properties, lenders can also help during those times when you may need assistance with cash flow.

An Experienced Handyman

Everyone knows someone who does repairs on the side, but when you operate a professional property rental business, you need an experienced, professional, full-time contractor. The more certifications your contractor has, the better. Ideally, the person you choose to work with should have experience in electrical, plumbing, and general carpentry. Additionally, it’s important to ensure that this individual can be trusted with the keys to your rental properties.

Mentor

It’s always a good idea to find someone who has experience and proven success in operating rental properties. When you are first getting started as a landlord, you don’t know what you don’t know. A mentor can help you navigate the process.

Real Estate Attorney

While an attorney can be expensive, having an attorney available to help with various issues can also be a wise investment in your business. As a general rule of thumb, you should never sign a contract unless you have had your attorney review it first.

A Reliable Hardware Store

The reality is that when you operate rental properties, you will need to fix things from time to time. Whether it is something big or something small, you need the help of someone who can assist you in finding all of the parts you need to keep your rental properties in good condition. Big box stores can often be impersonal, and you often will not find a very in-depth level of expertise. A local, reliable hardware store, however, can prove to be vital to getting projects completed on time.

Online Guru

This might or might not necessarily be an individual, per se, but you should definitely consider having an online service available to help with tasks such as collecting applications from prospective tenants, running background checks, and even collecting rent online. Services such as VerticalRent can help to streamline the process of operating rental properties while giving you greater peace of mind.

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