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Behind every successful entrepreneur is a dream team of professionals, paraprofessionals and contractors who bring specific expertise and fill in the needed pieces of the business puzzle.
No one person can fill every needed role, so successful entrepreneurs know how to build a winning support team of competent and willing professionals. The following represents members to consider for a winning team for landlords and property managers.
Accountants – Certain professionals are required for every winning business team, regardless of the industry, and accountants are one such example. First-time landlords and property managers may have a difficult time justifying the cost of having them on board, especially in the early phases of the business, however not having them at least available on a consultant basis is often costlier in the long run. One option some entrepreneurs have chosen is hiring interns as bookkeepers on their team. Graduating and junior-level interns offer many benefits including reduced cost, as well as the added perk of access to their professors (who are often professionals in the industry). Of course, interns should always be carefully supervised and any entrepreneur choosing this avenue should be sure to establish great rapport with the faculty liaison in charge of the internship.
For those uncomfortable with or unable to access interns, an inexpensive alternative is hiring a certified public accountant on a consultant basis only.
Landlord-Tenant/Eviction Attorneys – Every entrepreneur is subject to various laws which affect their businesses, but the very nature of the rental business is based heavily on landlord-tenant and other consumer protection laws, on the local, state/provincial and national levels. Therefore, it bodes well for landlords/property managers when a case against a tenant is presented to the court without a hitch by an experienced attorney rather than the landlord. Not only does having legal representation ensure the process goes smoothly, judges and magistrates prefer it; and it certainly helps to have the court officials on your side.
A great resource landlords and property managers may want to consider for their evictions is Nationwide Eviction Services which has a network of landlord-tenant attorneys who handle evictions daily. The service is professional, inexpensive and available in most U.S. states. Landlords/property managers are encouraged to check with the service to ensure their state is covered.
Most landlord-tenant attorneys can also help with setting up your business entities, creating operating agreements and creating asset protection barriers between you and your rental investment properties. Business owners should never cut corners here as erroneously creating your business entity could cost a newbie her entire business.
Handymen and Contractors – Some of the most critical team members for landlords and property managers are the handymen and professional contractors like HVAC technicians, plumbers, electricians and locksmiths. These professionals and paraprofessionals can make a huge difference in the daily operations of rental properties, not to mention their impact on the bottom line profits. Additionally, having a competent repair team goes a long way towards gaining tenant confidence – one key to ensuring a great landlord-tenant relationship.
Rent Collectors – Landlords with just a few properties may be inclined to collect their own rent from tenants, but there are many reasons why this may not be the best idea. For asset protection, it is always better that the tenants do not know who the owner of the property is, and the more layers between them and the owner, the better. Experienced landlords also know tenants are less likely to offer up excuses to an authority such as a tightly-run business, but will effortlessly pile on the excuses to individual landlords with whom they’ve become more familiar.
Another approach is to automate rental payments through one of the many auto-pay services such as Ramsrent.com and ClearNow.com, two of the online companies which allow landlords with only a few tenants to enroll as well as property managers with thousands of tenants. Rent can be deducted from the tenants’ paychecks, so that you get paid first, not last.
Business Coaches/Mentors – Most successful people acknowledge that they had a mentor or coach who helped them avoid common missteps and gave them critical advice at turning points in their business. Achieving success in any business is difficult, but can be made a little easier with some expert guidance. There is a subtle difference between the two: coaching focuses more on the tasks at hand, while mentoring focuses more on developing the individual. Landlords/property managers should decide for themselves which one is best for them, or perhaps work with one of each.
Deciding to take on a coach or a mentor does not necessarily equate to spending a great deal of money. Because of the wealth of information available in the form of books, seminars, webinars, audiobooks and free information on the internet; individuals can practically design their own coaching program by using the myriad resources available.
There are other members such as administrative assistants and marketing consultants, for example, that many entrepreneurs will want on their team, but in the beginning the members listed here will be enough to get you started on the road to success.
Remember the words of Walt Disney: “The way to get started is to quit talking and begin doing.”
Who is on your team? How did you find the best members of it?
