Running a Business from Home – What to Consider When Managing Your Property Portfolio

Apr 4, 2020 4:00 AM ET

Running any business from home is a lot easier than having to walk to an office every day; it means you can have a more flexible lifestyle and be able to manage your home life a lot more easily too. If you’re a property investor who wants to know more how to successfully navigate your way through your investment career, then you should stay tuned for exclusive tips and tricks. It’s perfectly reasonable to think you can run your property portfolio from home, which is why you should give it a go if you’re brave enough.

Do you need some tips on what to consider when managing your property portfolio from home? Take a look below at these tips. We hope you can take something useful from this and make the most of your career in the property industry. If you’re able to make a success out of your first few properties, taking care of the rest will become natural.

Hands on vs hands off property investment

Depending on your financial situation and how much time you want to put into managing your property portfolio, you will want to consider your investment strategy. Those who have a full-time job and don’t have time to actively be involved with acquiring tenants and looking after them when they have issues may want to hire a property management company. However, if you have time to be a hands-on investor, this is something open to you. Investors looking towards hands-off investment may want to opt for a company like RWinvest, that have a range of beautifully built new build and off-plan properties across the north-west of the UK. All their properties are fully managed, which means investors can carry on their daily lives but still make lucrative returns on their investment.

Managing your finances

After you’ve acquired one or two properties, something you will have to do is manage your finances so that you’re able to make the best returns possible. Ensuring you are in control of your ingoings and outgoings is essential for success. However, if you’re not confident enough with finances that you need to ask someone for help, it may be best to hire a freelance accountant to help you out. They will be able to advise accordingly and ensure you’re paying everything you need to prevent risks. Alternatively, The Big Investment blog states there is a range of finance apps to help you manage your finances, from Mint to Cleo and even Credit Karma.

Your tenants and their happiness

Even if you have chosen hands-off property investment, your tenants and their happiness will still be at the centre of your property success. After all, if you don’t have happy tenants in your rental property, then they’re not likely to stay around for a long time, or they could even make your life difficult by trashing the property before leaving. Obviously, there are repercussions for those who break their tenant contracts, but you need to ensure that all the tenants feel happy in the property. If you’ve chosen a hands-off investment strategy, then it’s likely that your property management company will take care of this for you. However, if you want to ensure everything is going well with your tenants and that they’re settling in well, it may be worth getting in touch with them.

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