Landlords are Property Asset Managers
More and more Landlords are actively asset managing their properties. These Landlords tend to work closely with advisors that can help them to efficiently finance their property business, buy and sell property and maintain and improve cashflow.
Efficiently financing (Buy-to-let) investment properties
The news is awash with how difficult it is to borrow money and how important it is that you can. Borrowing to invest in property is very much affected, but, if you know where to look, there are many excellent mortgages and financing deals available right now. There are not just rate driven special offers, you can also discuss bespoke deals right for your individual needs. Of course this does depend on how established your buy-to-let business is and how much you require to borrow.
Many Landlords will mix and match mortgages and financing plans to make sure that they are borrowing in the most efficient way. This is time consuming but financially rewarding and well worth buying in advice. Good mortgage brokers will help you to finance your property business in the most profitable way and easily justify a broker fee. They normally offer free upfront advice, so you can check they do know what they are doing!
Once financing is right...
Buying and selling for profit
The amount of information about how to buy and sell properties seems to be available everywhere you look. The challenge is separating the excellent advice from that mass of information.
Active property buyers and sellers use a variety of advisors for this excellent advice. A professional buyer, a trusted sales agent and an efficient letting agent. In rare cases they can find these advisors within the one company. Trusted advisors enable busy investors to make the right decision fast, but you knew that already.
Finding these advisors is a challenge! We believe that Estate Agents are the place you will find them.
Here are three questions that will help you identify the Estate Agents to put on your shortlist of trusted advisors. You will want to ask many more questions but you'll know from the answers they give you to these whether to spend more of our time with them.
1. If you were looking to buy a property to rent out today what would it be
2. If you had a portfolio of buy-to-let's which would you sell today and why
3. How many Landlords have you helped buy and sell property in the last 4 weeks.
These questions will naturally lead to many more which should help you gauge the value of the Estate Agent.
If you are buying regularly to grow your buy-to-let business there will come a time when you want or even need to employ people to help you run the day to day grind of your business....
Employing the right people at the right time
It's a dream for many people to receive a passive income. If you have the right people helping you this can be achieved, well very nearly achieved, from property investment.
The time consuming and potentially onerous part of property investment is the ongoing management required to ensure the rental income comes in on time, tenants are looked after and the property is maintained.
The simple answer to taking this out of your hands is to put it in to a letting agents hands. Understandably you may think I could be biased, but the logics speak for themselves. Here are six out of the many compelling reasons;
- They never go on holiday - As long as you pick an established agent that has the right amount of staff, your property assets will be managed all year round
- You will always be legal - They should always have full knowledge of legislation that will affect you and have put the processes in place to keep you lawfull
- Emergency repairs organised for you - Letting Agents source excellent contractors available 24/7.
- Rents collected and pursued proactively - Because this is what they do, collect rent, the processes are in place, late payments are caught early and dealt with quickly
- Your time is yours - if you are not needing to do the four jobs above and the many others that Letting Agents spend all their time doing for you, well you get yours back!
- Inexpensive - Amazing yet true, for all the work they have to do if you employed someone or put a monetary figure on your time, they win for value for money
Are you a Landlord that is already a Property Asset Manager or are you wanting to be?
If so contact your local Martin & Co Office, telephone or go and see them and ask them to become your Trusted Advisor...