Building a team of professionals with proven expertise is essential if you own rental properties, as in any business. Including property investment, establishing a rental property team is paramount.
Crafting the right team is no simple task, nor should it ever be taken lightly.
A correctly assembled team can take your property investment business to a higher level than you ever imagined.
A rental property investing team is a collection of professionals to work closely with before, during, and after purchasing rental property investments. Your property investment team helps with sourcing deals, financing, the due diligence process, and helping you manage your property investments.
Savvy property investors know that they can’t do everything by themselves as any experienced investor knows; property investing is about leverage. They want to leverage their money, their time and the expertise of others.
Everyone in the rental property team plays a part in their success, from accountant/solicitor to their handyman.
Rental Property Team
Real Estate Agent
A good agent is worth their weight in gold. They can be a fantastic source for leads and make you aware of deals you didn’t even know existed.
Not every successful real estate agent is a fit to work with investors. You need to do your homework and find out if they are a good fit for you.
Ask them if they own any investment properties themselves and if they work with other investors. Please treat this as a job interview; it is crucial they know your goals and buying rules and are willing to help you achieve them.
An excellent real estate agent is an essential piece in building a successful rental property team.
You may even work with several different agents, each working a niche, such as an area or property type; each will bring particular skills to the table for a win-win relationship.
Tradesman / Handyman
Adding contractors and handypersons to your team to take care of renovations and repairs is critical for any property investor.
Having a good working relationship with reliable tradespeople who understand your vision can save thousands in renovation and repair costs.
I’ve found that working with top tradesman makes life easier; every job they work on runs smoother than the previous one because they understand how you operate and vice versa.
Good property management plays an integral part in the success of your property investing; you must get it right. Property Investing is a business; it’s vital to view tenants as customers, and you need to look after them, or you will have no business.
Treating tenants well means addressing any issues or problems they have immediately.
In an attempt to reduce their costs, many private landlords manage their properties themselves; then, some will take a month or more to fix a problem; this is counterproductive and not the way to keep tenants happy.
Unhappy tenants will more than likely eventually leave and find somewhere else to live.
A good property manager handles all the day-to-day running for you, from finding new tenants, rent collection, routine inspection, and scheduling repairs and maintenance.
It is well worth the money you pay for a reliable, trustworthy property manager; this allows you more time to focus on building your property investment portfolio, your career or relax and spend time with family.
Lawyer / Solicitor
A good conveyancing solicitor is a valuable rental property team member, keeping you safe with appropriate clauses when buying & selling and help & advice with your due diligence on prospective property investments.
Setting up tax and assets protection structures in a correct manner is extremely important. Get advice from a company/trust business structure expert.
Since you plan to profit from your rental properties, it is crucial to know your tax obligations.
Property investors must file annual returns declaring all rental income; you can claim all tax-deductible expenses against this income.
The proper accounting professional will do much more than the above for your business and help you structure your investment portfolio in the right way to maximize profits and minimize taxes.
The right mortgage broker on your rental property team will make sure that you get your money.
Most real estate agents will tell you that the finance process has delayed or stop offers that go unconditional more than any other reason.
An experienced mortgage broker can help you arrange pre-approval of loans quickly, allowing you to put in offers and secure deals faster.
Who else do you need to add to your team?
Building a rental property team takes time. It requires you to put yourself out there and find the best talent available. With a strong team in place, your property investing will run smoother and be much more efficient.
Do you need to sack a team member?
It may be you, on specific tasks you need to sack?
Did any of this resonate with you? Let’s meet for a coffee and a chat; there’s no obligation.
Call 027 249 8295 today’
To succeed as a team is to hold all of the members accountable for their expertise. Mitchell Caplan.
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