What about your Accountant or your Doctor?
It’s interesting that we consider these professions to be among the very elite because their knowledge is gained through years of study. They deal with complex matters that many of us would find bewildering. Yet, in reality, ordinary people will rarely seek the services of these professions on a regular basis. Let’s face it, nobody really wants to see a Doctor often because it’s not a sign of good health. You may see a Solicitor once, maybe twice for a property purchase but these days simple purchases are normally done by Conveyancers anyway. Legal advice is seldom required for normal purchases. Your Accountant is considerably more important from a Tax perspective but how often would you see or speak to them? Perhaps a few times a year if you have a complex set of circumstances, but for the majority of us once a year.
By now you are probably wondering what this has to do with Property Management. Let me explain.
Recently, one of my long term Landlords told me that his Property Manager was more useful to him than his Solicitor. He went on to clarify that by saying that every month he receives a statement telling him how much rent we collected for him and any bills that were paid, every three months he gets a report on how the property is, and if there is ever an issue it’s solved without him having to worry about it. In his eyes he makes more money using his Property Manager than he does with his Solicitor. When he sees his Solicitor it’s usually because something is going to cost him money.
I think that view is probably simplistic given the vital role Solicitors’ play in sorting out the law for us but I understand the logic.
Incredibly, that would be four hundred times over a twenty year period!!
Contrast that with when you buy a property and see your Solicitor once or twice. You may need to talk to your Accountant for tax advice once or twice, but that’s about it. Once the property is settled though and you need Property Management, it’s an ongoing relationship. We communicate with you regularly, by email or phone and this goes on, year after year, for as long as we manage your property.
While your Solicitor and your Accountant are very important at the start when they help with the purchase and settlement process, we are there, day after day, month after month, year after year, keeping everything in order during your property investment journey. We are there in the background, depositing the rent into your account on a regular basis whether you remember it’s due or not.
Like most partnerships there may be the odd hiccup along the way but you can rest assured we are there for you for the long term. Given the number of times we are likely to be in touch, it’s not something you can forget.