How can Switch help me with my property investment journey?
When you set out on your property investment journey, it can be daunting. We understand this, as we have been there. Many will tell you that it is simple to get started in investing, and that is true – it is. Getting started is easy but doing it successfully and taking all the right steps is more difficult. Some people like to learn from their own mistakes, pay the price financially and then learn for ‘next time’.
At Switch, we have set up our business to give you the knowledge we would have liked before we started in property investing. If we knew then what we know now (painful learning), we would have saved a lot of stress, money and time. This is our motivation for helping you avoid some of the common pitfalls on your property investment journey. So, if you are yet to start your investment journey, or have started but are perhaps not where you had hoped to be, then Switch can help you.
Below you will find an overview of how we help our clients, but each client’s wants and needs are different, and so we only offer the services that you need, and if you are not sure, we will help you figure out where you need support.
- Education – People are usually either: a) researchers – where they read furiously, watch YouTube videos and generally absorb as much information as they can before they start. This can lead to never getting started, or scaring themselves out of doing something altogether; Or b) learn through action – these people tend to jump in to a venture, are happy to make mistakes, pay the price and learn from them for next time. There is no right or wrong camp to be in by the way, but it is important to know which approach is right for you. There are important things to know before starting any new venture. Understanding what is involved and your responsibilities is a minimum, as not doing so can lead to a lot of stress, expensive mistakes and possible failure. At Switch, we help our clients to understand what is involved, ensure investing is right for them, and support them to help ensure they make the right next steps for them.
- Know your WHY? – This is an often overlooked step, as people are fuelled by emotion and excitement to get started. However, knowing your goals and objectives, timescales to achieve them and the drivers behind these goals is so important. This can be the difference between you achieving your goals or not. Whilst many get started in property investing before thinking about these, it becomes a game of luck whether you actually get to where you want to. We help you to gain clarity on your aspirations and advise what are the right steps to take in order to meet them.
- Develop a strategy / plan for you. Once we know your goals, we can start planning your journey. This is the exciting bit. We will develop a bespoke plan for you, which gives you a roadmap for success. We will review this annually, as investing is dynamic and your personal goals or your financial situation can constantly change. This step show you potential returns on your chosen investments and how you can build your portfolio. It is here that your investment journey comes to life. The great thing about taking the time to develop a plan/strategy is that you can decide whether your approach really does meet your personal goals.
- Access to experienced professional Power Team. Having a support network around you is essential, as you cannot possibly know everything about everything. Knowing you have trusted, qualified advisors around you is very comforting. Our team of partners includes: accountants, solicitors, mortgage brokers, surveyors, agents and tradesmen. These are the people you need in your corner when you invest in property. There is always something that you need to seek advice on and having a team of skilled experts around you helps not only your success, but also makes your journey more enjoyable. This is something you will benefit from on day one with us, as finding good, trusted people is not easy and when you find them, you don’t let them go.
- Finding you the right property. This all goes back to your plan/strategy, and what you are trying to achieve. But, having contacts with good agents and access to the market is important. These relationships allow better access to properties – sometimes before they are even listed. At Switch, we help you to find the right kind of properties to achieve your personal goals. We also make sure you find a good investment that you can add value to. This provides you with the confidence that you are taking the right steps. You make money when you buy property, not when you sell, so securing below market value properties is essential. We support you through the buying process to help you do just that.
- Adding value to your property. You can increase your property value by making the right improvements. There is a fine line here and you need to invest wisely. You don’t spend as if it was your own home, instead making the adjustments that make your property most appealing within a controlled budget. It is easy to get carried away, so cost control is essential. We have successfully renovated lots of properties and we have a team of trusted tradesmen that means we get them done quickly and on budget. Once you have your property, we can provide a fully project manged service to renovate and add value using our trusted tradesmen. You can of course manage your own renovation with your own tradesmen but by using us you can be sure that the renovation will be on budget, to a high standard and you won’t need to chase tradesmen. We typically turn a renovation around in 2-3 months, which is around twice as quick as someone without experience. This speed means you get your returns much quicker with no hassle.
- Market research for your investment area. It is not just finding the right kind of property – knowing your market and your area is also essential. This can be the difference between a property that has a high turnover of tenants (costing you money) and one where the demand is so high that tenants rarely leave. Is your property near key local amenities e.g. schools, shops, bars, restaurants, transport links etc. and if so, are they in areas that attract the tenants that you are targeting in your strategy? We make sure you buy in the best area for your type of property.
- Sharing our experience. Like anything, the more you do something, the more you learn, the less mistakes you make and the more efficient you become. Property investing is no different and there is a lot to learn. So, why not benefit from our extensive experience, knowledge and contacts. It will save you time, money and help make your investment experience more enjoyable. We support our clients every step of the way on their investment journey. Whilst we are supporting them, they are avoiding mistakes, increasing their own knowledge and growing in confidence. You can choose to be as involved as you want in the process. Some clients only want minimal involvement and trust us to deliver the best value for them. In addition to this, we will share with you the latest news and developments within the sector, along with interesting articles and information, which we feel will help you. This is all part of continuous learning for our clients and ensuring your investments perform as expected.
- Property management. If you chose to let your property it is vital that it is managed properly. Most people would appoint a letting agent to find a tenant, collect the rent, deal with maintenance issues and do property inspections etc. We would definitely recommend a letting agent as doing it yourself can be very time consuming. The challenge with letting agents is that many of them have a poor reputation for service and as we point out in our ‘Top 7 risks of investing property‘ blog, keeping on top of your property maintenance is one of the most important tasks as an investor. To make the investment journey simple at every stage we extend our services to property management. We do this only for our existing clients because we understand their strategies depth. We make sure that you have good tenants who are looked after. Communication is always clear and any issues with the property are dealt with quickly so as not to waste your time.
- Reviewing your investment performance. So, you have completed a full investment cycle (education, strategy, purchase, renovation, management, renovation), your property has been rented/sold and it is time to review how your investment has performed. This is something that is vital, as if you don’t monitor performance, you cannot gauge success/areas to improve. We guide you through these reviews and help you stay on plan to achieve your goals.
Above all, we do this in a simple, easy to follow process. We view property as a long-term investment, and do not sign up to the ‘overnight millionaire’ hype. The steps we promote are proven for success and we use them personally. It is doing the right things well and consistently. We aim to build long-lasting relationships with our clients, adding value for them through our knowledge, experience and support, and we would love to hear from you if you feel you could benefit from our support.