If you want to stay in the business of owning and managing property over the long term, you’ll find out one way or another that having a reliable team of contractors can prove to be invaluable. I tend to find that placing more effort in seeking out decent gas men and roofers can drastically help reduce ongoing maintenance costs depending on the size of your portfolio.
I’m not discarding the importance of other contractors, it just tends to be that boiler and roof repairs are usually more costly than other general maintenance issues.
Make your team feel appreciated. Around the Christmas period, I usually hand out bottles of Champagne to all of my closest contractors. You might be surprised at how much they value small gestures of appreciation.
Other tips that may assist you in reducing your maintenance costs include:
• Educating yourself about common maintenance issues so that your contractors know you have some knowledge.
• Let your maintenance team know that you are in it for the long term and want to grow with them.
• Pay your maintenance team promptly.
If you haven’t already done so, you can reserve your place to the next EPN event on Tuesday 10th March where Francis Dolley will be teaching us about how to profit from Rent-to-Rent. The following topics will be covered:
• Getting the Letting Agents on board
• Employing a property manager . . . for free
• Finding an endless supply of tenants
• Avoiding the common mistakes
• Automate everything
• The systemising of buying HMO’s
If you found this article to be useful and want to find out more information, contact us today on 01206 705 555 or email us at firstname.lastname@example.org.