Some people imagine that having a property portfolio and operating as a commercial landlord is an easy way of making a living, but in truth there are so many tasks which demand your attention that it can be quite easy to get bogged down in the minutiae, with the result that you overlook the things that are really important. And when things get overlooked when it comes to property, it can end up being very costly.
So, to make sure you don’t fall into this trap here are a few tips to ensure you keep your portfolio in tip-top condition without it costing you the earth and damaging your business into the bargain
Keep on top of pests
Pests such as rodents and insect infestations can have a dramatic effect on the desirablity of your property, so it is worthwhile from time to time having your flats or homes inspected by a qualified expert who can recommend the appropriate course of action to ensure your property remains pristine
It better to take preventative measures in this way to make sure you are always in a position to let your properties out, rather than find that a tenant or tenants quit because of poor maintenance.
Take advantage of technology
Do you have a tendency to do things the old fashioned way? Perhaps you like to keep handwritten notes on your portfolio. If so, you are really missing a trick. Property management software can free up so much of your time by simplifying routine tasks, which in turn means you will have more time to concentrate on developing and improving your business.
Repair any damage promptly
Keeping on top of the upkeep of your property is a vital part of good property management. Apart from regular inspections for pest infestation as mentioned above, you or your agent (more on this below!) should also carry out periodic inspections to check for any structural damage such as rain water ingress etc. By being proactive you not only stop any damage before it has had the chance to get too bad – and more expensive – but you also demonstrate to your tenants that you take your obligations as a landlords seriously. Tenants like to think they are being treated fairly and well, and if they have this impression they are more likely to extend their contract, giving you that sought-after long term commitment.
Consider appointing a management agent
This may not be something you consider strictly necessary if you only have small portfolio, but even then it can be an advantage. It puts a third party between you and your tenants which can often be a useful thing when negotiations are ongoing. Also, a professional property manager should know what is required for the smooth management of your portfolio, no matter the size. It’s all about freeing up more of your valuable time, which you can then use in the most productive manner to grow your property empire! So, rather than looking at a property manager as an expense, perhaps it’s better to regard the appointment of a manager as an investment in the future of your firm.