There are a select group of property professionals that are an absolute must for every investor—the secret weapon to real estate success. Get them on your side, and you’ll have the expertise necessary to grow and maximise the return on your property portfolio.
- Property managers, lawyers and accountants are just the start of your property team.
- Some professionals are absolutely necessary, but others depend on your investment strategy.
- Success in growing wealth through real estate comes by having the right team.
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A property manager saves you time, money and stress. They screen tenants, making sure you only get the best long-term residents in your investment property. They assure that rent is paid on time, and act as a point of contact for any problems that the tenant may have, among many other duties.
That includes dealing with compliance and the increasingly complex legislation that is working its way into the rental space.
That means you spend less time chasing rents, following up with tenant problems or dealing with maintenance. What’s more, they can even help with finding your next investment opportunity.
If you are looking at selling or buying property, you need a consistent lawyer on your side. These professionals ensure that your property transactions go smoothly on the legal side, without you needing to become a part-time lawyer just to sell one of your properties.
If you are looking at selling or buying property, you need a consistent conveyancer on your side.
That means both you and your buyer/seller are working from the same, correct contract, saving you legal headaches further down the line.
A professional valuer or surveyor is a little different from an appraiser. Rather than determining what a property would sell for in the current market, they give you an estimate of the actual value of a home. Price and value are different, after all.
You need this information when you go to your insurer or want to get finance from the bank, making a valuer a must-have for anyone with a property portfolio.
A property accountant’s role is twofold: making sure you are paying the right tax, and making sure you have the best tax structure. This might include advice on trusts, completing your tax returns and providing compliance guidelines.
An accountant on your property team ensures that you have a tax-efficient portfolio, saving you money and improving rental returns. Just make sure you work with an accountant who is specialised in property, rather than a general practitioner.
A mortgage broker gets you the best deals on your debt by going to multiple providers. They may also provide advice on the most efficient mortgage structure for your investment goals.
A mortgage broker gets you the best deals on your debt by going to multiple providers.
That lets you save more money on interest payments and could let you leverage your equity sooner too.
Much like a mortgage broker, an insurance broker is there to get you the best value for your money. By seeking out the best-value policies and premiums for your property needs, you are saving money on your cover and ensuring that you are protected in case of a disaster.
Find an insurance broker that has particularly good landlord insurance deals, as these are the policies you’ll most likely need to claim on.
Drug testing company
In the past, meth-testing was not as much of a concern for the average landlord. But with the rise in prominence of the drug and its manufacture, particularly in rental properties, it pays to ensure that previous tenants (or, even worse, current tenants) have not been putting themselves, your future tenants and your property at risk.
Work with a property management company that can provide drug testing services.
Keep a drug-testing company in your phone book. Better yet, work with a property management company that can provide drug testing services. Consider hiring their services between each tenancy to make sure your home is still liveable. It will save you significant sums in the future.
Real estate agent/agency
The most obvious addition to your team. Always look for locals with local expertise, that specialise in your segment of the market: they will have a better handle on the local market than the alternatives.
The following professionals are helpful, but are not necessarily as useful to those already mentioned for many investors. Consider them nice-to-have, optional additions whose efficiency depends on your current strategy.
If you are new to investing or are feeling out of your depth, a property coach can be a worthwhile investment. These experts can teach you everything you need to know about making money from property. But for those who only have one or two properties or are well-experienced in the industry, a property coach may not be worthwhile.
A trades team
A builder, a plumber, a painter, an electrician, a handyman, a carpet installer—that’s just a few of the professionals that may prove valuable if you are renting multiple homes over a long period of time.
No person is an island, and that’s as true for real estate investment as it is for anything else in life. Get the professionals listed above on your side, and you’ll get better returns on your portfolio, less time spent dealing with problems and a better opportunity to expand your holdings. What’s not to like?
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