I truly wish I could find a property sourcer who performs and finds us great BMV deals. If I could find a property sourcer that views 25 properties to find me 1 good deal….Ah that would be nice and would be willing to pay for that…If I could find a property sourcer who does what they actually promise. ….If I could find a property sourcer who is truly on top of a set of “Dedicated” builders……If I could find a property sourcer who goes to the property several times a week to insure works are being done timely and accurately…This property sourcer who had a magical carpet who did not have to sit in Manchester traffic while inspecting properties….Oh…it would be wonderful to deal with the council and building regs…That would just be wonderful!!!
Then if, the project is even completed timely….or at all…
Would it be nice that the property sourcer can tenant our property with quality tenants and not make a myriad of excuses or putting in bad tenants. Would it be nice the property sourcer/property manager truly inspects the property and informs us of late pays. Ah….It is so easy….I can pay a property sourcer a couple of thousand qid and they will keep me sleeping through the night.
Ah…it would be nice…However to say the truth….Too many have completely unrealistic expectations of property sourcers. Truthfully would love it as it would save us countless hours. It would be so nice to find someone care about our investments as if they are their own. We have been in this story…it is all about hard work. Working on Sundays…Working till 10pm….Some property sourcer is going to give you a gift of all of this for a couple thousand qid?
Daily I get get calls and emails from investors that want a BMV property….want someone to manage the refurb….and place tenants & manage them….They think it is easy....I have seen numerous stories of investors from China and you name where…go with sourcers…that left them half finished projects….projects without building regs….projects with terrible standards…crazy refurb bills….as well as properties not tenanted. One property manager had a marathon on how many rooms to let within a short period of time….He lowered rates and lowered quality of tenants….Good luck…
Funny thing we sold a Professional HMO to a couple from Hong Kong. We suggested a couple of property managers to use….we checked back several weeks ago and they were thrilled with them and are looking to buy another HMO Property….Conversely we sold another Professional HMO to a London investor…explained to him our concerns with the property manager that we tested….and that we decided not to use him on any further deals….However he stayed with him and now has 2 or 3 out of 5 rooms empty…Bottom line is people promise the world….Get references….Be realistic….you really think you can run a refurb project half way across the world…or even London???? Good Luck….
If this exists please let us know….
In the meantime….suggest very simple ideas with builders and property providers…
1. Get Recommendations
To start, talk with family and friends that have experience working with contractors in your area.
Word of mouth is typically the most reliable source.
Make sure the builder are:
- Licensed. Indicates an exam has been taken and passed, proving knowledge of building codes and processes. All contractors will have a license number you can authenticate.
- Bonded. Purchased by contractors, bonds serve as a type of insurance to protect you, should the contractor fail to complete the job properly, or fail to pay for permits, subcontractors, or others involved in the job.
- Insurance. Places liability on the contractor, should they damage your property in any way or become injured while on the job. It also covers neighbouring property damage.
Interview Builders…
- How many years have they been in business?
- What is their work procedure like – contract drafting, supply purchasing, work timelines, etc.?
- Are they willing to provide references or previous client contact information?
- Who are their suppliers?
- What is their relationship with their subcontractors?
- Do they have evidence of insurance, bonds, and licenses?
Make sure you have a contract
- Every step of the project from start to finish
- Price and payment schedule
- A start and projected end date
- Whether subcontractors will be hired to perform the work
- Specific materials to be used with associated costs
- Lien releases from all subcontractors and suppliers, should the contractor not pay for labor and materials
- Any changes or additions made along the way
Recent Comments