A lot of people don’t realize how many property management jobs are out there. That doesn’t necessarily mean all of these people are actual property managers though. What it means is there are multiple occupations required to give investment property the kind of attention it deserves.
Here are a few of the big ones.
Whether your property is 5 years old or 75, things will go wrong. The roof will get damaged by hail and leak. Rodents will get into the attic. The central air system will go kaput. The water heater will start leaking.
These things happen- it’s just part of being the proud owner of a building. Even though you may choose to do the work yourself, it’s normally better to hire an expert. That’s where having a great handyman comes in. He should be able to do most of the work around the home, especially if you find one who is a certified plumber or electrician.
Property management jobs include realtors because they play a major role in the buying/selling process of the home. Even though they won’t get involved with the in-between, they’re a huge asset to your overall investment strategy.
Here are a few things to look for in your realtor:
- They know the area you’re looking to invest (or sell) very well.
- They have helped clients find several investment homes similar to what you’re looking for. Better yet, they specialize in it!
- They communicate regularly and clearly.
Once you find a great realtor, don’t let them go. You’ll need their services regularly as you build your property empire.
Each and every investment property is essentially a small business. You have revenue coming in (via rent), and then expenses going out (mortgage, maintenance, utilities, lawn care, etc.) Even though the numbers aren’t very complicated with one or two homes, it gets more and more complex as you start accumulating more property.
That’s where a top notch accountant comes in. They will make sure every revenue and expense is tracked down to the penny. Taxes will be easy for you, because they’ll make sure you get every deduction possible. You’ll never have to wonder whether or not the property is consistently profitable, because the numbers from your accountant will tell the story.
A good attorney isn’t cheap, but having one on your team is always a good idea. You probably won’t have to regularly refer to them, but knowing you can reach out to a knowledgeable real estate lawyer at any time will help you sleep better at night.
Here are just a few issues a lawyer can help you with:
- Permits/regulations for your county, city, etc.
- Insurance (ex. Homeowners or flood)
- Tenant/landlord rights
So even though you (hopefully) won’t be talking to them often, invest the time in building a relationship with a good attorney or two.
Last but not least, your property manager is the king (or queen) of the hill. They are what most people think of regarding property management jobs, just because they do the majority of the daily tasks. They collect rent from tenants, schedule the maintenance guy, market for new tenants, check on the condition of the home and much more.
Property management isn’t easy, because there will always be new issues popping up. But a good property manager, along with the rest of the team, will be worth their weight in gold because they’ll take care of everything so you can focus on what’s most important- investing in more homes.