As you build a portfolio and a team there is one vital element that can’t be overlooked …the chase!
For those that read my update last month you’ll remember that this month the main focus on the HMO front has been managing the refurbishment of our latest project. I’ve been pleasantly surprised how well a new team has worked on the project and the close management is paying off. For us it is important to get a consistent look and feel in the portfolio regardless of the team putting it together. However, as well as the team that work directly for us we also have a power team and that’s where the headache has been this month.
As an investor and business owner, I always try to leverage where I can. However, I was reminded this month of the importance of chasing. For the first time I am using a planning team for this application and a few weeks after I had submitted all the information I was horrified to find out that the council hadn’t validated my application. With only two months until Christmas and a few weeks until the refurbishment is complete I am now at the stage where the absence of a successful planning application could lose me potential revenue. So I went back to doing what I do best…chasing. Tenacity is a key skill when it comes to property investing and it’s interesting that my investor interview this month with Jonathan Stein had a similar message. It is so easy to hand your element over to the professional you are paying and presume they are doing their job but it can be a dangerous trap and it can cost you in time and money. Needless to say I have been like a dog with a bone since.