Being a Landlord allows you to be self-employed and enjoy some freedom whilst also bringing in a decent income which can make it an extremely attractive profession for any individual.
However, there can be a big difference between being a Landlord for one property compared to multiple properties. Especially if a Landlord has multiple properties to comprehend with directly rather than through a letting agent.
Which leads us to the point of this blog. Here are three things you as a Landlord could consider when wanting to expand your portfolio.
As with any job the expected hours for a full-time role is 40. If you have one property it is likely that you will be able to dedicate less hours than this to property management in the week. However, if you choose to take the next step and become a Landlord of multiple properties this may change drastically.
This is because you will need to do all viewings, inspections, maintenance organisation, general admin and many other jobs yourself. As well as this you will need to factor in time for any emergency situations that can occur where your tenants will need to contact you directly for your assistance.
Multiple Roles to Master
As mentioned in the previous point, being a Landlord of any property means that you need to master a whole variety of roles. These can include those listed above as well as being a bookkeeper, customer service representative as well as a marketer and tenant screening professional. The list is really endless.
However, by stepping into the shoes of all these roles it allows you as a Landlord to feel more informed and feel as though they have better control of a property. Ensure that you plan your time in these roles effectively because, as a Landlord you should always consider your own wellbeing and how much you are taking on. This in turn will then ensure that you are always delivering the best service to your tenants in whichever role you are at the time.
As with anything in life, the more we take on, the more risk there is but we shouldn’t let that stop us. With a single property there is always going to be less financial and physical risk involved than if you are managing multiple. This not only covers the tenancy risks of unpaid rent and any other disputes that could end up costing legal fees, but also includes the general maintenance risks of a property. However do not fret, if you look at our previous blog regarding services a Landlord can invest in you may be able to help ease this burden across other professionals.
Overall, in order to reap more rewards in life you will need to take more risk. In the case of a Landlord this would mean investing in multiple properties. Considering all points discussed this is not a decision that has many factors involved, especially if you will be directly managing the properties. If you are wanting to invest in multiple properties allow yourself time to grow your portfolio slowly and manageably. This will result in you being a happier Landlord and in turn having multiple happy tenants. Everyone's a winner.