One of the Most Important Property Skills
No it is not a degree in accounting or finance….nor is it being a builder. In our experience over the last 25 years the most important word in property is COMMUNICATION!
We strive to communicate with our tenants. We want our rents on time. We want to fix any maintenance issue immediately to keep them satisfied. With our builders we want to pay them upon completion of works. With our JV partners we update them on a weekly basis. All the news…both good and problematic.
People have invested their time and money and look for us as property investors to preform. Our goal is to under promise and over perform. With that said there are always instances in which we have to be the bearer of not goods news. Most times we only really know the true cost of a property is after the rip out. We always figure an additional 10% but can be more. Another example is we conveyed on a building with a block of flats. Our builders were keen to start working. However we were giving this property to the council for social tenants. We could not start until we had clarification of spec. The council did not move and we are now only meeting them on Monday to walk the property. We explained this to our builders as frustrating it was for them and us as the cost of carry on the block to sit empty even one day.
Communication works both ways. Our solicitor answers emails and phones calls. Many solicitors do not value their clients and communication lacks. In our humble opinion communication can either make or break your property business..