How to Find Good Help in Real Estate
The opinions of entrepreneurs’ contributors are their own.
Investing in any business can be a very lucrative business, but it requires a lot of hard work and attention in many ways. As the world is turned upside down due to Covid-19, we all have to change in almost every single industry and adjust to a new normal.
For example, it has always been a bit of a challenge to find reliable employees. You need to know what you want, put applicants through a thorough screening process, and potentially jeopardize your business goals by giving someone a chance. With so many commercial workers now working remotely, a practical business like real estate is bound to see a setback.
Whether you are looking for full-time technicians to maintain your apartment complex or part-time contractors to get a decent return on your RV investment, the battle is a real process.
Confused About How To Find Good Help In Real Estate? Here are just a few of the lessons I learned from my experience:
1. Find out your skills in dealing with people
If you are an entrepreneur in any industry, it is important to learn about sales, psychology, and people skills that are relevant to your industry. If you are hiring help for real estate companies, this step becomes even more important.
Most of the decisions you make about real estate are emotional. As an entrepreneur and property owner, you need to have what it takes to deal with such emotions and assess candidates accordingly.
Dealing with real estate means you have a people-focused company. It’s not just a bunch of employees following a monotonous routine in the office. There can be emotional roller coasters, stressful situations and the need to be firm and soft at the same time.
Related: This is why you should invest in real estate now
2. Look for specific qualifications
At the end of the day, hiring for your real estate business means delegating certain tasks and transferring some power (temporarily) to someone else.
These are important steps. So you need to make sure that the person or group is qualified and able to take responsibility.
Qualified employees not only give you a certain security, but also a reliable overview of all problems that arise. They will also help support your business goals even when you are not physically on the property.
If you’re one of those real estate entrepreneurs who built yourself from the ground up, delegating most of the chores is going to be a pretty difficult step. However, ensuring an employee’s qualifications is a good first step in building trust in your employees.
If you give up a little of that heavy responsibility, you and the company will eventually have a number of benefits, starting with more time to reinvest and grow the operation.
3. Make sure of the agreement or contract
Whether you are hiring a property manager or a technician, make sure you have a detailed business relationship between both parties. The contract should specify the responsibilities and duties of the person you are hiring. So be sure to read before signing.
Let them complete any required changes first and only then write your name on the paper. Here are some factors to consider when hiring a property manager:
Expected services and fees
The usual services of a real estate manager include the processing of tenant wishes and wishes, house maintenance, vacancies, marketing, relocation processing, rent collection, evictions and operational tasks in day-to-day business.
Make sure that all fees for the services and the approval process for additional expenses are presented clearly and transparently. There may also be a limit on expenses as well as a procedure for making repairs.
Obligations of the owner
The contract should state what your role is as the owner of the property. Of course there are some tasks that you might not want to cover or that you see in better hands under the eyes of the property manager.
Estimated duration before renewal
The duration of the agreement should have an appropriate start and end date. The most common term for such contracts is usually one year.
The agreement must also contain a section that addresses the rule violation and how to deal with such violations. Any termination fees, deadlines and other rules must also be clear.
Related: 5 Mistakes Franchisees Make When Looking For Commercial Property
4. Consider hiring outside contractors
Some real estate investors may get stuck in the routine of hiring full-time maintenance technicians on a salary basis. However, given the ongoing pandemic, this is the perfect time to start thinking about making a change and becoming more flexible.
Instead of adding large extra expenses to your budget and possibly not getting much in return (in case you get an unreliable worker), consider hiring outside contractors. These workers are usually paid by the hour or by work.
Contractors may cost a little more, but the hassle will likely pay off in the long run. In addition to this benefit, they are also known for being more reliable and more attentive to details.
In case either of these contractors seems like a good option for future retention, you may want to hire them full-time as well. To begin with, by hiring part-time or sole proprietorships, you can monitor their work ethic and the quality of their results. But that’s not all: By working together, you can also determine whether the potential employee suits you, your staff and the requirements of your property.
5. Receive referrals from industry contacts
If you’re looking for a solid individual or team, ask your real estate contacts. Contractors and other workers usually make a name for themselves with other entrepreneurs.
There might also be real estate investment clubs in the area that have directories of contractors that are highly recommended.
Check out the track records and see whether or not potential candidates have completed projects within the allotted time in the past.
You may also get the chance to see a finished result of the skills you want. So check out other properties that they have been working on before.
Take that away
Most real estate entrepreneurs have struggled with the question of when and how to hire people. In the beginning, a real estate entrepreneur may have to do every single job to get their business off the ground. After a while, the returns will hopefully be high enough to generate profits on your own and even pay an employee’s salary or wages.
However, hiring a reliable employee can be very beneficial for a real estate entrepreneur. You get help working on lucrative projects and also have someone to share the burden. With more success this way, you get more work. Make sure you know your limits and priorities while looking for good help in your real estate business.
Related: You are your best real estate asset