The property market is an exciting industry to be in, and it can be incredibly lucrative – if you handle it correctly. As your property portfolio grows, it can be harder to manage everything by yourself, which is where it pays to outsource the essential tasks to help you make the most of your time and stay on top of your expanding business.
Property management outsourcing can help reduce risks in various aspects of your business. Take advantage of professional expertise in areas that may not be your strengths, such as finance or plumbing. It prevents you from needing to invest your own time to become an expert in these areas.
When you’re juggling properties, there are always going to be numerous tasks to handle at any given time, and property management outsourcing means that they can all be dealt with at once without you burning yourself out trying to do everything yourself.
Property investment is all about maximising your return on investment as much as possible, and outsourcing makes achieving that easier. The longer a property stays empty, the more it affects your profits – by delegating and outsourcing the necessary tasks to fill those empty rooms, you can keep receiving a good return and regular income.
Lastly, managing properties can be stressful, especially if you plan to have homes in various locations. Property management outsourcing gives you the peace of mind that everything is being handled by experienced professionals who are experts in their fields, so you can put your time towards the tasks that you’re best suited to. If you’re in the early stages of your business venture and keen to get things moving quickly, these are the key tasks to outsource immediately.
The mortgage application process can be lengthy and complex, and when you’re handling multiple properties, time is of the essence. Being able to outsource the task to a professional can take the stress off your shoulders, but it also ensures you’re making wise investments that are financially viable.
“Certain BTL mortgage providers will restrict the number of mortgages a single borrower can have at four to five; others have higher limits, and some have none at all”, explains Mortgage Broker and MD at Online Mortgage Advisor, Pete Mugleston, “Either way, if you’re a professional landlord with a sizeable portfolio, it’s always advisable to seek specialist buy-to-let property investment advice before adding another property to your collection”.
As a soon-to-be property mogul, you’re bound to have a packed schedule of viewings, meetings with prospective buyers and sellers, and legal appointments. Staying on top of your professional commitments and the logistics of managing multiple properties in different locations is much easier with the help of TIMIFY’s appointment booking software that enables clients and other professionals to book appointments with ease, while helping you to keep a clear overview of your diary.
Post-pandemic research has shown that convenience is more important to us than ever, and being able to utilise software for online bookings can make the process of making an appointment all the easier.
Property maintenance is part of the job when you’re investing in properties, but it’s also incredibly time-consuming. One of the most essential tasks to outsource to contractors is repairs and cleaning to keep your properties in the best condition and to ensure you get a higher yield for your investments.
From making sure that the wiring and plumbing are up to code to cleaning kitchens, bathrooms and carpets regularly so they remain hygienic, contractors can help you to maintain a professional, well-kept property portfolio without it taking up more of your time as your portfolio grows.
Finding the right property for a buy-to-let or a renovation project takes time and in-depth research. When you’re investing your hard-earned money, you need to be sure that it’s being put towards the right property, in a location that will remain profitable.
Property research is a task that requires someone in the know and that’s where outsourcing property management tasks to an estate agent can help. Experienced agents will know the local area well, have their finger on the pulse of the property market and know where undervalued properties are so they can alert you when a new home or investment opportunity comes onto the radar.
Taking professional photographs, writing up property descriptions, listing details to property sites – these are critical to your property business, but they’re also time-consuming tasks that can eat into your busy schedule.
Virtual Assistants can take on the digital marketing tasks of your business, ensuring that listings are maintained, the content is checked for correct grammar and spelling, and that the images of your available properties are colour corrected for the best possible listing and highest chance of garnering interest by property seekers.
With rental payments coming in, mortgage payments going out and money being put aside for the likes of insurance and future repairs, your finances can become complicated very quickly as you add more properties to your list of investments. Undertaking financial management on your own can be tiring, and it can hinder your productivity in the long run.
Delegating your financial administration to a professional bookkeeper not only frees up more time in your diary for other tasks but it also ensures that everything is above board and you’re making the most of available tax exemptions to maximise your profits.
As a business owner, property management outsourcing makes sense. By delegating tasks, you can manage your time more efficiently and increase your return on investment. With experienced brokers, virtual assistants and contractors on your side, you’ll have more time to focus on the expansion of your property empire.
About the author
Lucy Cromwell, a contributor to TIMIFY has many years of experience working in property management and has recently turned her focus towards establishing herself as an authority in the industry. Connect with Lucy on LinkedIn: @LucyCromwell7