Back when I started as a landlord, I had no idea what I was doing. My brother was my partner and was a general contractor so, he handled all of the maintenance responsibilities. I had to learn how to market our vacancies, process applications, price the rents, account for the income and expenses, and most importantly, have good customer service to our clients, the tenants. When my brother became injured and could no longer work in the family business, I needed to learn the importance of an excellent team to call upon when needed. I quickly learned that landlording is similar to a team sport.
For clarification, a team member does not necessarily mean an employee. These are tradesmen, legal counsel, bank/loan companies, real estate professionals, CPAs, cleaning companies, appliance repairpersons, landscapers, etc. Essentially, a team member is ANYONE who can make your life easier by completing the tasks they know and do best.
Our Top Five Team Members
Choosing the five most critical team members is like only picking two of my three children to go in a lifeboat. Where Kevin and I can handle many jobs, every person on our team is crucial to our success.
Maintenance
We have our general contractor on speed dial. We were lucky enough to find a contractor that does not do large projects. He worked for years on large jobs and, as he has gotten a bit older, decided that smaller jobs have fewer headaches and likely more income for him. In addition, he lives in the same area of our units (we live 2 hours from our rental properties), so he can quickly head over when a maintenance issue arises.
He does not mind being on call when we are on vacation, and he is very protective of our properties. He is insured and bonded because he is a licensed contractor, so we have no trust concerns with him being in occupied units. For the most part, he will do almost anything except new electrical. For that, we hire his electrician.
How did we meet him? He was referred to us by the painter. You will find that referrals are the easiest way to secure a team member, so do not be shy about asking fellow landlords for direction when in need.
Legal Counsel
As a landlord, we cannot express enough the importance of an excellent real estate lawyer. We have called upon our real estate attorney multiple times for