5 tips for managing your property portfolio10th March 2017
Regardless of whether you’re a newcomer or an established developer in the broad and exciting world of property, it’s easy to get overwhelmed by the sheer scope of potential. Sometimes, achieving your goals may even seem like an impossible endeavour, creating a huge pile of stress. However, the finance specialists at Rangewell have compiled a list of our recommended top 5 tips for budding and established property developers.
1. One at a time
Managing, maintaining and developing properties can be quite the undertaking. No two properties are ever the same, each one has a set of challenges unique to themselves. This is why we advise newcomers to develop their portfolio one at a time. In order for each property to reach its full potential, it needs your undivided care and attention. This way, you can gain vital experience and insight into the potential challenges, preparing you as your portfolio grows.
2. Reinvest your profit
Being in profit is great, but reinvesting your gains is certainly a wise move. It’ll help you save up and secure the funds necessary for going ahead with key redevelopment projects, boosting the quality of your portfolio. If you’re looking to proceed with a number of property projects, but lack the necessary funds, Rangewell can source a number of finance solutions including property and development finance.
3. Research the market
Before you purchase another property you’ll need to decide and research the area it’s nestled within. You need to understand the local demographic, key industries, distance from local amenities, weather and terrain factors, if it resides in a commuter belt area and so on. Doing so will allow you to understand and predict potential issues that may arise, plus will you will be able to determine whether it’s worth the expense. In addition, conducting in-depth research will also offer you ideas regarding potential uses.
4. Potential use of the property
Analysing the types of people residing in the area, the most popular industry and locality will offer up some useful ideas on how you can benefit from the property. If it’s close to key train and bus services, the property may be of interest to city workers. If it’s near industrial estates it could appeal to manual and factory workers. Should the property reside in the country, it’ll draw the attention of tourists, retired couples or you could simply keep it as an investment. The range of opportunities available to you are immense and many developers are deciding to either let or convert properties into HMOs. As such, we advise that you seek the advice of a professional property advisor who’ll determine and guide you toward the most profitable course of action.
5. Acquire property finance
When purchasing property, you’re also buying its hidden issues too. Concealed behind layer upon layer of peeling wallpaper and threadbare carpets, there could be any number of nasties waiting to be discovered. Faulty wiring, burst pipes, crumbling plaster, blown double-glazed windows, all piled on top of the initial purchase. As such, you may need access to funding, granting you all the funds you need to make the most of your ever-growing property portfolio. At Rangewell, we understand the challenges that come part and parcel of managing and developing a property portfolio. When seeking finance, developers entrust us on account of our knowledge and in-depth experience to source the perfect finance solution, including Auction Finance, Development Finance, Commercial Loans and so much more!
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At Rangewell, we support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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