As you grow, you might find that it is necessary to build a team to stand by you throughout the process. This team will work with you to find property, get financing, find tenants, work with those tenants, and take care of any legal issues you might run into. A good team is invaluable!
While you might have been doing most things yourself to this point, it can be really hard to scale up if you’re not working with others. The first person you might want on your team is a good realtor. They can help you find new properties that have the potential to be a rental investment.
You can also get a team of people who will help you get things taken care of, such as financing. Your hope is probably that you’ll find a reliable company that can score you reasonable financing once you have proven yourself time and time again.
Where your own specific team might really come in handy is when it comes time to get the unit ready and to advertise for tenants. They might hire different companies or independent contractors to get these things done for you.
You can also have people in your office staff. They can help you advertise for new tenants. They can also help you screen prospective tenants by running a background check and so on. Basically, they can do the legwork it takes to fill those vacancies! When you are making enough money, having these people on your team is more than worth it.
Having an office staff can also be useful for when tenants need to call to report any maintenance issues. Your staff can handle passing the job along to the appropriate person and filing the work order.
It is especially important to have a team by your side if you find that you are overwhelmed trying to handle everything yourself. Perhaps you no longer want to receive early morning phone calls about maintenance issues! Having a team take the calls for you can take a lot of stress away.
You might notice that a lot of the things a good team can do for you are the same things a property management company can do for you. Depending on your situation, you may find that having your own team is less expensive than having a property management company. It is also a lot more flexible and more in tune with your business when you have your own team by your side.
Never be afraid to put the right people by you in order to get things done the right way. This is your business, and you need to treat it as such. Whether you hire people as employees or hire independent contractors, this is the next step in expanding your business so it is even more profitable than you ever imagined it could be. There’s nothing better than having things be more hands off and making more money at the same time because you are able to scale up!