As soon as you start your property business you should be concerned with making it as efficient as possible. The best way to do this is to systemise your approach. We have laid out an overview of how to achieve this which we hope will give you a clearer idea of the what, where, how and why?
Are you crazy? I don’t have a business, I just have a couple of rentals?
Even if you currently only have one property and don’t intend to go any further; you should still treat it like a business otherwise it will turn into an unwelcome hobby. Nobody knows what the future holds neither of us thought we would be sat here 12 years on writing blogs, delivering training courses, running property management companies and reaping the rewards of a passive income through property investing.
The aims of systemising are to make the management of your business quicker, easier and more consistent. You should do this even if you do in-fact only have one property…… currently!!.
So how do I start?
Following a meeting at WOPT towers, we produced the diagram below to show my headline processes. Each of these processes can then be broken down into a series of activities, we use a checklist to track what should be done next and keep an overview on progress.
Each process will have associated documents; be it letter/email templates, notices, reports etc. The first one you write, copy or ‘benchmark’ will become the template which you should store somewhere safe and obvious in order that you can use it next time; at which point you will no doubt improve it and so on.
Sounds straight forward. Can I have a look at your checklist?
Of course, he is a sample from the end of tenancy process – to see what other checklists are available, click here
|1. Informed of tenant’s intention to quit.|
|2. Collect the signed Notice to Quit receipt from the tenant.||Notice to Quit form|
|3. Deliver a rent statement and check-out letter to the tenants.|
Check out letter
|4. Initiate the Letting Checklist for the property.|
|5. Agree date of the check out meeting with the tenant.|
|6. Print up to date rent statement.|
|7. Collect the check-in inventory and the property keys.|
|8. Conduct the end of tenancy meeting||End of tenancy report.|
This all sounds very stone age – is there an app for that?
We recommend never using tablets or stone to document your system because other than the obvious weight issue any system should constantly be reviewed and improved.
There are numerous property management applications, and it is becoming more common that they are scalable, so you don’t need to pay a hefty monthly payment whatever the size of your portfolio.
We won’t recommend a particular package as selection depends on what your criteria is both now and how you see your business developing in the future. Needless to say, there are numerous articles on property forums and websites that recommend applications based on the author’s view of the world. Just make sure you are GDPR compliant!!!
One of the experts at WOPT Towers uses Excel for just about EVERYTHING, (pretty sure he creates his shopping lists on it), and it works well for him so as ever there is no right and wrong… Other than NOT systemising.
Sounds really simple, anything else?
Well no, not really, it is that simple when you break it down but it is remarkably effective in achieving the aims of making business quicker, easier and more consistent.
Property Training at WOPT
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We believe in honest, straight-talking guidance, that’s why our training courses have become the best around because we genuinely care about your success.
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All our articles are for information purposes only, and we ALWAYS advise you to use them as part of the overall picture building process and not as your sole reference point