It has recently occurred to me that one of my most trusted resources and ‘go to’ people for an investment property I own in VT, is my realtor. I met her years ago when I purchased a single family vacation property, (rented out as a ski house and used as a vacation home as well). I sold the property with her help and bought another multi-unit vacation home closer to the ski area, using her yet again as the buyers agent. She undoubtedly made some decent money off these transactions and we are using her services to sell the multi-unit. She is my trusted source for local news, gossip, market trends in the area and has good contacts for reliable contractors in the area. Honestly without her guidance and help I would be at my wits end in trying to manage this property long distance.
Having these types of professional contacts can be an invaluable tool in investment property management. As you buy, sell or just window shop a desired area for these investment properties, keep your eye out for these types of contacts and make an effort to be friendly and appreciative of there services. In my case, I have trusted my realtor to the point where I have asked her to show units for rent in the VT property, even when the house is listed under her, for sale. I can recall at least 4 tenants in the last 10 years that resulted from a showing she performed for me.
You may at first glance regard these professional contacts, plumbers, electricians, inspectors, handyman or realtor, by merely their primary functions, but they can all be potential allies to your investment property goals. Chatting with them on occasion, sending a holiday card or posting a like to their Face Book musings, will insure that you are in good standing with them and have the desired effect of giving you solid and effective service or information. My point to this post is to always be on the lookout for these potential professional contacts, they can be a very effective ‘go to’ sources for years to come, in helping you build that investment property portfolio.