Every single week in the Members Club I post my top 5 Quick Shifts around a subject, so that you can implement some really simple changes and have huge results.
It’s amazing how far these really simple reminders, strategies and tools can get you. And the best bit, well they only take a few minutes to implement.
I’m going to share with you some of my Top 5 Quick Shifts. Your challenge is to implement them and see how quickly you can change your property journey for the better!
- Tenancy Agreements – Make sure that you include a rent review clause after 12 months and make sure that it has the cap and collar of between 2%-12% (or a cap and collar of your choosing)
- Building your Dream Team – You definitely need someone who can be your eyes and ears on the ground! Seriously… no matter the time, you need to be able to call on them no matter what. For my Bath properties it’s my Dad, for my London properties it’s my business partner. There are services that can do this for you such as Viewber (www.viewber.co.uk) or the Key Holding Company (www.keyholding.co.uk) – there is a cost to this, but they will head to your properties whenever you need them.
- Pricing Your Serviced Apartment – If you are just starting out, reviews are more important that income! Have a couple of low priced weeks to get bookings and generate reviews, once you have great reviews you can then up the price to compete with neighbouring SA’s
- Buying a Number of Properties Quickly – Buy a portfolio of properties. There are investors out there who are looking to dispose of a number of properties at once. If you are looking for a bargain you can often negotiate a discounted price to take a number of properties off of an investors hands and even more of a discount if the properties are dilapidated… ideal for renovating and then flipping on!
- Tweaking Your Development Appraisal – Play around with the purchase price of the site…. After all it may not be worth the asking price. Once you’ve come up with a purchase price that works you can explain your development costs with the agent and negotiate on the purchase price.
These are such simple changes, but if you aren’t already incorporating them into your property portfolio then you are going to S.T.R.U.G.G.L.E and I don’t want that to happen to you.
So your challenge, as I’ve already said, is to get them into your property portfolio AND then report back to me how you’ve got on, in the comments section below or over on the Property Investment Mastery Facebook Group!
You are welcome in advance,
NC
