One of the best ways to see success in the real estate industry is to invest in properties and rent them out properly; essentially becoming a landlord. However, as many of you already know, being a successful landlord requires a lot of expertise that a new landlord may not have. Therefore it is incredibly essential for a landlord who wants to be successful to surround themselves with the following five professionals.
Obtaining a professional and experienced realtor is one of the best ways to increase the chances of returning a profit. Having a realtor at your side can save you from making mistakes, such as purchasing a property in a less than desirable location or condition. They may even help you lower the asking price of a property, which in turn increases your monthly revenue.
If you recently purchased your first properties, then you may notice that a vast majority of them will need some repairs here and there. Although your construction crew will complete most of the repairs during the flip, the fact is that things will break again. Knowing a handyman is the best way to ensure that those minor issues don’t cost you a fortune. For example, if your tenant reports that their HVAC system is not working, then having a handyman on call may save you from potentially paying thousands in replacement and repairs.
When it comes to providing housing for people, there are many landlord-tenant laws you must abide by. According to the department of housing and urban development, you must provide “reasonable accommodations in rules, policies, practices or services if it is necessary for the disabled tenant to use the housing.” For example, if a person requires a service dog, your no-pet policy may no longer be enforced. This may cause issues with your other tenants who may not understand or appreciate this decision. Having an attorney by your side can help you prevent false claims or lawsuits from going any further by pointing out clear federal laws that dictate housing accommodations. They can also assist you with other notices or case
Although your tenants will handle most cleaning, you might need someone to clean the rest of your building. If you’re looking at only a few units, then one person may be more than enough to handle the cleaning. Tenants deserve a clean and safe building. Housekeepers know how to clean and how to do it quickly. Having a cleaner will also come in handy during tenant turnover when you need a spotless apartment for showings.
The goal of any investor is to increase the value of their properties. This goal can be rather difficult to attain when expenses continue to pile up. However, one expense that we believe to add value revolves around the management of your properties. When bringing a property manager onto your team, you increase the probability that your tenants will stay longer, keep damage to a minimum, and that your building is in good hands. In addition, property managers will usually handle some of the less glamorous parts of investing, such as collecting late rent payments or resolving neighbor disputes. Lastly, reports have shown that a property manager’s expense is recouped in just about 18 months.
As you can see from the above information, it takes a lot to be a new landlord and a successful one. This is why it is critical to know the right professionals to turn to as they can make your life drastically easier. Take the time to vet each professional thoroughly, and you’re sure to forge professional relationships that benefit both parties.