It’s been a busy few weeks in the UK, and hard work! “Why?” I hear you ask. “Thought property investing was a “passive” income”?
Yes well the boring but critical stuff has to be done to make sure the business continues to work effectively, especially now we’re back in the UK after our 12mnth travels.
Things such as checking the accounts, submitting them for multiple companies, checking interest owed on investor loans, analysing our rental income, costs such as utilities and insurance to make sure we are staying competitive, and lots of other things too……
– we avoid having to deal with call centres,and the frustrations that creates,by using a third party agent. They make sure we have the best commercial fixed rates and advise us when they are coming up for renewal, giving us options. They get meter readings from our managers for each property and submit them on our behalf. Any issues they can handle them. This saves a huge amount of time.
– now we’ve grown we want to manage our risk across the whole portfolio rather than property by property. So finding someone who can represent you as a whole business and consider the efficiencies and risk mitigation is worth a huge amount to us. We no longer want to pay premiums annually or have umpteen renewals each year to have to consider.
Of course there are many other risks to mitigate like health & safety and public liability to name just two. So finding a good all round broker can be very beneficial.
– a review with our specialist accountant is important to make sure we are still operating in the most efficient way and if we’ve acquired any more properties that we’ve got the best company structure to meet our needs.
The most critical regular review though is the people we work with in the business, without whom we wouldn’t have the freedom to travel etc. These are our “agents” bookkeepers/ admin support and all round trouble shooters. We value their expertise and support and always look for two way feedback and areas for improvement. This is best done face to face really so we’ve spent quality time with our team.
I can’t admit to liking the detailed work, but without it the business might not be as profitable or we might miss some critical changes. So time has to be set aside and the fun put on hold temporarily – it’ll be worth it……..
If you’d like to learn more about my “power team” I’d be happy to chat – go to my website here and book a call with me
I’m writing this in France in the gorgeous sunshine – seeing friends and enjoying the beautiful countryside and cuisine. Combining work and fun is possible sometimes. Off to light the barbecue !