There are no loan wolf successful people. One of my favorite quotes from John Maxwell is his response to people who say they are “self made”. He explains how sorry he is because if they are self made then they haven’t accomplished a whole lot and explains that great things are done with a team. Property management is no different.
1. An eviction attorney – Yes, no matter how much we underwrite applications and look for the right tenant, situations do change and some tenants go from being great to being very poor tenants in need of eviction. Because the landlord-tenant laws are very specific, it is always best to turn it over to a legal professional to handle this process.
2. Third party application underwriter – We believe it is best to remove us from the equation when underwriting an application. We solicit the help of a company who does nothing but underwrite all of our applications according to a criteria we determine. That way, we aren’t subject to the whims and stories from tenants that some landlords fall so hard for.
3. Property management software provider – We use a number of different software applications to manage our properties. The most important is the management accounting software we use that is industry specific to single family rental homes. Our provider is a team member, because we are constantly calling them up and asking clarifying questions about how to handle certain situations in the software.
Building the right property management team will help you be much more successful as you navigate the waters of managing single family rental homes.
If you have specific questions about any of our providers, I hope you will reach out to us and ask us those questions. We’d love to help.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.