I bang on about property management ALOT obvs its my jam. But looking forward is something you need to be doing constantly. Here’s why:
Property management could also be referred to as asset management or portfolio strategy. As much as it’s all about managing what’s going on in the present, it’s also about looking at the future and making sure you are planning for increased property performance.
The dream for most is of course to have a life of luxury. Big house, fancy cars, luxurious holidays, a wardrobe full of exclusive clothes and bags. That’s why property investment is the vehicle they turn to. However, it’s not enough to just buy your property and hold it without really thinking about how you are going to constantly improve it.
However the majority of Landlord’s are stuck in their day jobs, believing they have no time to run their portfolios or check in with their property managers. Yet they have underperforming assets, which are a drain on their mentality, resources and definitely don’t provide them with that incredible lifestyle they crave. IS THIS YOU?
You need to have a yearly plan, a five year plan, a ten year plan and an end goal. What do you want your property to provide for you? How do you want it to grow, how do you need it to perform? It’s not enough to leave it with a managing agent and trust that the best will happen.
Considerations need to be made to income, how the space is used within the property, the capital value, your mortgage product, a maintenance plan. All the while maintaining a great income and being able to expand your portfolio to really add and increase your portfolio performance.
This is paramount to your success as a property investor. And as a property manager this has to be your job. Reviewing, refreshing, building.
I have to be honest it wouldn’t be worth my time just having and holding my properties if I didn’t have a long term goal. When you first buy a property year 1 is never going to be as profitable as year 5 or 10.
However as I pride myself as a good property manager I’ve got good at strategy. I can take a portfolio and double it easily by planning the most efficient path to getting there. As I said before it’s my jam, I’m awesome at it.
How do you plan for your portfolio’s future? Have you got a good strategy? Let me know in the comments section below.
NC
P.S want to chat to me about this? Click HERE.
