Building a Solid Property Management Team

You need a solid team behind you in order to achieve success in any business. In commercial real estate investing, whom you choose for your property team is key to your success.

Real Estate Agent

A lot of people try to invest in real estate without an agent. This is a little like flying an airplane without a pilot. These people know the industry and constantly have their finger on the pulse of the market.

Lawyer

There are many lawyers out there that specialize in real estate. Make sure one of them is on your team.

Architect

An architect can give you valuable feedback about the improvements that can be made to a property, advice which can increase the amount of rent you can charge.

Engineer

If you are in a larger metropolitan centre, you may be able to find an engineering firm that specializes in real estate. You’ll need them to evaluate structural integrity for renovations or inspections, to produce environmental reports if needed for a Lender or governmental agency, and a bunch of other uses as well.

Appraiser

While this is an area that you can educate yourself in with some training in night school, you will never have data collecting systems in place the way an appraiser does. Make sure that the one that you hire is acceptable to your Lender.

Accountant

There are “run of the mill” accountants that are used to doing very simple, basic business taxes. Then there are accountants that think outside of the box and try to get the best tax deals possible for their clients. It will take you some time to find a good one, but when you do, treat him or her very well. They are arguably one of the most important members of your team.

Mortgage Broker

The mortgage broker will save you the time involved in running around and asking different Lenders for quotes. They are also highly motivated to keep repeat customers like investment buyers and will tend to go the extra mile for you.

For the other members that should be on your team, see the “Property Management” chapter in our book, Commercial Real Estate Investing In Canada (www.realestatementor.ca).