When you are in control of a multiple variety of property interests, there are many factors you must consider. There will be some considerations that will be unique to yourself, others will be across the properties you own. There is a large importance around forming perspective to help you manage your property portfolio.
Managing your properties must be dynamic, not static, as any property individual needs to proactively manage, shape and grow their portfolio for the future. Shaping and growing will allow success for the present and future within any portfolio.
According to Property Management Guide, there are four different perspective that you must consider to build a successful property portfolio:
1. Property Perspective
The first perspective looks at the physical form of any property that as an investor, you deal with. The perspective should consider the types of property within your property. Whether it be a flat, an office building or a combination of commercial and residential.
When purchasing and managing property, there are a few factors to consider. Such as:
- Property Age
- The Property’s purpose
2. People Perspective
Even though your portfolio is full of your assets, striking up a strong relationship with tenants can make or break your investments. As a landlord, you need to make sure you work effectively and closely with your tenants to determine a successful rental.
This should be matched throughout your portfolio. Whether you own residential or commercial property, how you as a landlord deal with any tenants’ issues will reflect the success of your rental.
3. Payment Perspective
For obvious reasons, this is what the whole property investment comes down to for yourself. No matter the circumstances of a portfolio, it is pivotal to stay up to date with all finances within your investments. Managing them correctly can help to lower costs but give the greatest returns possible.
Within the payment perspective, there are compliance sides that any investor would need to deal with. These compliances can consist of dealing with taxes, accounts, fees and deposits.
4. Paperwork Perspective
This can be one of the most difficult perspectives to deal with, especially since some documentation will be online and some offline. Documentation for your properties can range from an asbestos survey all the way through to a health and safety assessment on a commercial property.
It is crucial to have a copy of all of these documents because one, it is good practice and two, you can use them as a bargaining tool when you continue to build your portfolio.