Busy with Management - in a good way!
A good month has gone by without a blog post; you can certainly tell I've been busy! Over the next week I'll release a few articles on my latest acquisitions, but thought I'd just release a brief overview to start with and then dive into a bit more details over the coming articles.
- Acquisition of an existing management portfolio in Southwest London
- Taken on 2 more managed properties since the beginning of this month
- Taken on a permanent office with staff
- Taken on 3 further units to manage on short-let basis
So firstly about the brand - WeManageLondon.Properties - does what it says on the tin, really. Why the "."? well the name serves as a website address at the same time, so more for convenience.
The existing portfolio is a combination of managed properties for landlords who just want us to manage the tenancies for them and those that prefer a "guaranteed rent" solution, so invariably I will be letting by the room. The area lends itself very well to that because the rents are such that there is a reasonable margin between the total of the room rents and the rents payable to the landlords. I'm sceptical this model would work as well closer in to London, but zones 4 - 6 seem to be the ideal area for this model. Great!
So all in all I've been busy together with my business partner Daniel getting the properties up to scratch; taking over the management always brings issues such as hidden repairs that needed doing and things like regular cleaning to manage. The properties were dirty as the previous managing agent had failed to bring in systems such as regular cleaning and maintenance reporting, so a lot of tenants simply didn't know what to do when a repair needed to take place, or worse - repairs were reported and nothing was done! Among the repairs were two building insurance claims for collapsed ceilings due to bathroom leaks, repairs to a bathroom refurbishment gone wrong, sound proofing a stud wall that hadn't been built correctly, leaking shower valves and a plethora of broken appliances to repair! Thankfully I have been blessed with some good members of staff as part of the acquisition that know the portfolio and have been superb in getting the transition done smoothly.
I'm looking forward to expanding a bit more in future updates, but for now if you'd like to know more about the management services I offer in SW London do drop me a line: firstname.lastname@example.org. I'll go into more detail in future posts.