Operating a rental property can’t be a one-person job. In this post, we’ve listed down seven people you need to add to your property management network to make sure your operations run smoothly.
Real estate investors, particularly those who own multiple properties or who have a vast investment portfolio, should have solid accounting systems in place. This allows them to make sure their investments are generating the right amount of money to meet their goals. However, not all real estate investors have accounting expertise – that’s exactly why many of them opt to employ an accountant. The accountant’s role is to collect rent, calculate depreciation, pay taxes, monitor the cash flow, and compare income versus expenditures, among many others.
While many investors steer clear of third-party accounting services due to the cost, retaining an accountant can actually save you more money over time. Without proper bookkeeping, you won’t be able to have an overview of your finances, causing you to go off track with your goals.
Due diligence is required when investing in any type of property, whether a simple, one-story home or a multi-million-dollar mansion. Get a professional appraiser on your property management team – they can help you proceed with caution and move forward with confidence with each property you plan to add to your portfolio. They can crunch the numbers and determine the current value of the property you want to buy. In this way, you can be certain that you’re investing in a property that will be profitable, and that you’re paying a reasonable price for it. Without an appraiser, you may end up paying more than what the property is truly worth, and not get a good ROI.
Even if you have the chance to see the property in person, it still pays to hire a professional who can conduct a comprehensive inspection. Many property inspectors were once contractors, which means they can pay close attention to details as they scrutinize the property’s condition. If you were to inspect the property on your own, there may be details you’ll overlook because you don’t have the trained eye that inspectors have.
For example, you might not notice that the property needs to be repainted, or that it isn’t up to code. You’ll think you’re getting a good deal, but once the property is yours, the costs of repairs and replacements will pile up to the point where you can’t afford to pay for all of them. A professional inspector will calculate the costs of repairs before you buy the property.
There may be projects you can DIY, but major repairs should only be the job of a contractor. Whether you own one or ten properties, it’s crucial to partner with a trustworthy contractor as they’ll be responsible for the repairs and replacements you’ll inevitably have to deal with. For example, the time will come when you’ll have to repair the HVAC, redo the tiles, and fix the roof. With that said, you must find a contractor whom you can trust to not only get things done on time, but to do them correctly. Be careful – many contractors will work with you for a quick buck, so it’s crucial to vet each of them to make sure they meet your requirements.
#5 Lawyer or Real Estate Attorney
As a rental property owner, you face a ton of risk, which is why it’s crucial to have a good lawyer on your Florida property management team. Your counsel will be in charge of providing you with legal advice, dealing with tenant-related disputes, representing you in court, and overall, mitigating the many risks that come with your career. You can count on their knowledge of the law to steer you away from deals and connections that might put you in a tight position down the road. Keep in mind that you’ll have to sign tons of paperwork when purchasing a home or renting out your property, so it pays to have a pro guide you through all the fine print.
#6 Real Estate Agent
Sites such as Zillow may make it easy for you to find properties by yourself, but real estate agents can locate properties that are off the market. Through their vast connections with other realtors and their current clientele, you may be able to find the best deals – and beat other buyers to it! What’s more, real estate agents have a wealth of knowledge of a particular market and can point you toward the right areas and properties.
For example, if you don’t want to deal with student tenants, they can steer you away from areas that are close to colleges. Or, if you want to purchase a property that will appreciate rapidly, they can show you units that are close to schools, transportation, etc. That way, you can be confident that you’re putting your money into a property that suits your preferences, and that’s sure to be profitable.
#7 Property Marketing Expert
Another person you must add to your property management team is a marketing pro. Their role is to put your property in front of people who are most likely to rent it. They do this by first identifying your niche, and then coming up with marketing plans that target your ideal tenants. For example, if your property is in a location that’s ideal for tenants with kids, a marketing pro might write a listing that focuses on the school district. Furthermore, they will know what media to use depending on your tenant profile.
While it is possible to secure tenants on your own, note that it tends to be a time-consuming process if you do it solo. No real estate investor wants their property to sit vacant for prolonged periods, so consider adding a marketing pro to your property management team.
A Property Management Company Can Do It All
Why hire all these people individually when you can have access to all of them when you partner with a property management company? At Luxury Property Care, we’ve fused all of these professional services to offer you an all-inclusive solution. When you work with us, you’ll be supported by a complete team who’ll help you see success with your real estate investment wherever you are in Florida! From lawyers to a network of vetted vendors, we’ve got everyone you’d need to run your rental business. That way, you don’t have to waste time building your team by yourself!
Contact us at (561) 944 – 2992 or complete our contact form for more information on our practices and our company’s structure.