Everything you need to know about insurance basics, like coverage types, limits, cost and more.
Who Landlords Need on Their Team of Experts
As a landlord, you have a lot of responsibilities. You have to run your property like a business, keeping it in good repair. You want to take actions to minimize legal exposure and maximize your profits. You want to learn about new laws, regulations, and products that can improve your operations.
How can you do all this? One way is to build a team of trusted, professional experts.
Attorney. You’ll want to work closely with an attorney to help you with your leases and any legal problems that can arise. You’ll also want to make sure you’re acting within the boundaries of the law.
Accountant. Another important member of the team is an accountant, the numbers person who will help you set the amount of rent to make you profitable and monitor your income and expenses throughout the years.
Insurance agent. You can’t be a good landlord without having the proper insurance to protect you. For this, you need a good insurance agent on your team. You may also want to educate your renters on the importance of renter’s insurance. They need to know that your insurance policy won’t cover their personal belongings.
Banker. Another key person to develop a relationship with is your banker. If the property is mortgaged you may want to refinance if rates decline or to take out equity from your property. A good banking relationship will also help you obtain financing for new properties you acquire.
Tradespeople and subcontractors. Unless you’re an onsite handy-person, you’ll want to add to your team a bevy of reliable tradespeople who can service your property when necessary. You don’t want to be looking for the number of a plumber when a pipe breaks in the middle of the night.
Fellow landlords and property managers. Your team is not complete until you have peers you can call upon to ask questions that only other landlords would know about. You can find peers by joining trade associations for landlords or local chambers of commerce or other business groups.
How Can You Find a Team of Experts
Like finding a family doctor, the best way is through referrals by people you trust. Your banker can recommend an attorney, your insurance agent may know a good accountant. Peers can be an excellent resource when you’re wondering how to choose safe contractors. Another way to search is through professional group listings for attorneys, accountants and the like.
Once you have your choice team of experts in place, being a landlord becomes significantly less stressful. You always have someone to call, no matter what situations pop up.
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