Over the years I’ve appointed many managing agents across my various buy to let portfolios, and one thing I’ve noticed is that some understand building construction and building defects, but many don’t.
And those that don’t often give what I consider to be crazy advice (when it comes to repairs and the cost of repairs), very often because they are listening to contractors who see managing agents as being a soft touch.
As an ex Chartered Surveyor I’m in the happy position of being able to spot the madness before it goes too far, but I feel sorry for landlord/investors who perhaps don’t know enough to question the advice they are given
So how does this happen?
Well, I suppose many managing agents go into property management from other professions or non-property backgrounds, and maybe go straight into it from school with no direct training, qualifications or experience.
And many are happy not to learn on the job, instead they are happier just to be told by a contractor, for example, without checking it out for them selves.
Am I saying all managing agents are like this?
No, of course not.
But some are.
And so if you appoint agents to look after your investment properties, you need to learn which type of agent they are, AND learn the basics of property construction and maintenance yourself so you can make sure that work being done is work that actually needs to be done, and that it is being done at the right price.
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://thepropertyteacher.co.uk
PS. By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to:
https://thepropertyteacher.co.uk/the-successful-property-investors-strategy-workshop
