Hi everyone, yes, it’s Friday again already! I hope you’ve had a chance to enjoy a bevvy in the sun.
I think this lockdown has allowed a number of us to reflect on our current situations, perhaps make overdue necessary changes.
I was talking to some like minded individuals a while ago about my portfolio; it had all started because I disagreed with the term ‘a passive income’ from a property portfolio. We all need to put time in to build and manage our properties, but effective time. We have 8 properties between myself and my partner, so not too many to manage. And so the conversation started…
Mid 2017 I had had enough of my current lettings agent. Even though it was full management it required so much of my time to address things that weren’t being chased or dealt with by them. I just had to change, me and my partner kept talking about it but there was always something that kicked it down the road. As we have student let’s, we always seem to be near the time for changeover, so left it. When we finally made the decision to do something about I got diagnosed with breast cancer, which was early 2018, so there was no chance; but it also made dealing with them even harder and exhausting – and it was all my fault. My excuses were always that it may not be better, wrong time and the old favourite of better the devil you know!
I had always had a good relationship with one of the guys working for the agent, but he he’d left a while before. I asked him, Manny, to keep my number….
September 2018. It could not have been a worse year, my Dad was also very poorly and we had taken a well earned holiday in Sicily. I got a call from Manny asking if any of my properties were empty. Two were (they were student lets at the time). A couple of phone calls back and forth and some e-signatures later and both properties were rented out before I even got home. Perhaps circumstances pushed me over the edge, but I have never looked back.
The new agent (Prominence Estates) are outstanding. They have given me my time back, and less pain at home!
But why do we procrastinate on important decisions that involve change?
I actually think it is a form of laziness, which comes in a variety of guises – comfort zone, poor excuses and just haven’t got the heart as a few examples. My friends and colleagues would not think I was lazy in the traditional sense, but I really couldn’t be bothered with the effort of that change, yet I was really struggling with the system I had.
All parts of the property business need good, decisive decisions. Where a lot of us have full time jobs time is our most precious commodity and should really be looked after. Taking change head on is important.
I have learnt from what happened and now focus on my power team.
Reflection on your properties and your power team are so important. Look to see what areas are too time consuming (we obviously have to do some work) and consider other more efficient options. Each one of the team has to count – estate/letting agents, solicitors, brokers. You are paying for all their services, both time and cash. We often sacrifice cost for our time and therefore seriously underestimate the value of ourselves.
Check out recommendations, good service floats above the rest and poor service can’t hide for long. Listen to your gut! I ignored mine but thankfully Manny called me – the rest is history.
A good relationship should not be that hard, it really shouldn’t.
Enjoy your weekend everyone.