The property management business is a good concept for somebody who would enjoy making a reasonable income without taking too many hazards.
My expedition into property management was only by chance. I had about 15 residences in Dundee and employed a fulltime convenient man to pocket rents and sort out any minor repairs. My pal Chris knew that my properties were well managed and he questioned if I’d look after his mother’s patios. I knew that she was never well and because of her contentment in the year half her residences had lain empty.
I was able to get her occupancy up to over 90 p.c. My charging structure was easy as I kept ten % of the rent and she also paid all costs. She was OK with my service and told her chums who approached me to do the same for them. Being busy though not having to say no straight away I offered to supply the same service but at 15% of the monthly hire.
To my continuing surprise they concluded. Advice by friends got around and immediately I had to start turning folks away as I was far too pushed managing my packing company to do property management full time! Had this business not been doing well I might have started handling properties full time. I even managed to buy two lofts at knock down costs when one of my clients wanted a fast sale after his renters left. They offered me the properties for a corresponding price they’d bought them for a few years gone. I knew the market rose seriously since that time and bought them straight away.
I passed a week or two doing them up and had them hired out in virtually no time. When property costs started rising strongly I sold both, making decent money only to luck out on the real boom in costs! If you have the time to waste why not consider handling other peoples’s properties? Be warned though you are on call twenty-four / seven if an emergency happens at any of the properties.
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