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Welcome to a brand new year and a brand new month on Property Tribes as we kick off our 10th anniversary celebrations with the launch of "Smart Landlord" 2019.Throughout the month of January, Property Tribes will be championing and promoting the concept of the "smart landlord".You've heard of smart phones, smart highways, smart meters ... well, the idea of a smart landlord is based on the same concept.Smart things are adaptive to change, problem solving and always seeking out efficiencies to operate more smoothly and the smart landlord is no different.Here are the top 10 traits of a smart landlord which we will be bringing to the fore throughout this campaign:> Adapts to change and actively seeks out the best intel to help them adjust to change.> Treats their property portfolio as a business.> Operates in "prevention" mode rather than "cure" mode to mitigate risk.> When problems do arise, actively seeks to resolve them immediately, rather than allowing them to escalate (which causes additional stress and expense).> Regularly reviews and audits their business/portfolio to ensure they are operating efficiently and to maximum performance.> Seeks out the most reputable and trusted products and services to help them move forwards.> Seeks out the most trusted and reputable professionals to work with.> Is fully networked in the industry and makes a point of networking with other landlords and property professionals at both on-line and at off-line events.> Makes it their business to be an expert at due diligence and research.> Wants to constantly learn and grow and become a smarter landlord by taking sustained and intelligent action on a daily basis.Property Tribes is celebrating our 10th anniversary and has always been committed to landlord learning and education, but we aim to take that to another level throughout the following 12 months."Smart Landlord 2019" throughout January will feature exclusive content - mostly video - of leading property commentators and landlords giving insights into what they think makes a smart landlord and what smart landlords will be doing to survive and thrive through the challenges that the PRS will undoubtedly continue to face in the months ahead.To get the ball rolling, here is my personal Smart Landlord tip:It is my belief that we are operating in times of great uncertainty and change and that creates a higher level of business risk.In any downturn, cash is always harder to come by. In this environment, capital is especially hard to get.We've all heard the phrase "cash is king", and its usually true. But in this environment, it really is true. Companies with extra cash are better positioned to create a better competitive advantage over their competitors.Many companies need access to capital to finance expansions, or at a minimum, daily operations. Companies with extra cash have no worries about getting credit downgrades or accessing capital if they need it.
A cash buffer allows you to deal with unpredictable curve balls that may come your way and is far more liquid than trying to release equity.So, while it might seem counter-intuitive, my smart landlord tip is that all landlords should build up a significant cash buffer as a safety net.Should that safety net not be needed, and you are able to weather the storms ahead, you will be well-placed to use that cash to buy property bargains, as non-smart landlords fail and exit their business.Over the past year, Nick and I have built up a significant cash buffer for this reason, and also because of an increased tax liability due to Section 24.See you daily throughout January for "Smart Landlord" 2019!
Series run-down:Catch up:Episode #1 - Launch of "Smart Landlord" 2019Episode #2 - Student HMO landlord - Punk TakiarEpisode #3 - David Sandeman, founder of the EI GroupEpisode #4 - Richard Blanco - Landlord and NLA Rep.Episode #5 - Paul Nicholson, Property DeveloperEpisode #6 - HMO landlords Gertie Owen and Paul WatsonEpisode #7 - Paul Shamplina of Landlord Action.Episode #8 - Ray Boulger of John Charcol Episode #9 - Smart Landlord mindsetEpisode #10 - Aiden and Rob, Property DevelopersEpisode #11 - Making decisions in challenging times Episode #12 - Smart landlords are using technology and data to get the edgePlease also join the conversation and share your tips for what makes a smart landlord and the smart things landlords should be doing to survive and prosper.
SEE ALSO - Kickstart 2019 - FREE portfolio review!UP NEXT - Get some dates in your diary to fire up 2019!DON'T MISS - War Chest - Where do you keep yours?NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I LOVE this comment by Jonathan Clarke from another thread about starting out in BTL:"Never underestimate the ROI of people themselves".Surely the thinking of a "smart landlord"!
I'm more of a lurker on this forum than a poster, I only have two rentals so I'm not nearly as experienced as others, but in my opinion Jonathan Clarke gives some of the best advice here.
I would agree with that, Jonathan, you are a star!
Nice initiative Vanessa. I'd like to see mention of something to contribute to improving landlord's reputation
Proactively work to improve PRS standards by giving tenants a quality product - use the "would I live there myself?" test!
Great addition. Thank you!
Always worthwhile having a regular review of your BTL portfolio with an experienced BTL broker. It doesn't matter if this is 1 or 100 properties, the only cost to the review is time.
You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice