Property investing is often seen as a great, safe long-term investment, but the benefits of property extend far beyond this. If you run your property business right, you can setup, systemise and scale a business that can give you a fantastic lifestyle and passive income, incomparable to many traditional businesses.
In today’s video, we look at how this works…
00:52 – Problems with being tied to employing staff
01:42 – How Property is set up differently
03:22 – Limiting factors of traditional businesses
Welcome. In today’s video, I just wanted to give you a bit of an insight in terms of how I found property over the last 8 plus years, how it compares to other types of businesses, and how you can run it.
Instead of just being an investment, how you can actually run it and operate it as a standalone business as well. The benefits that is has over more traditional businesses, in as much as with maybe more high street businesses, retail, commercial, things like that.
I’ve got plenty of friends and family that have had businesses for a number of years. They’ve all got the same kind of thing in common. That’s that they’re all very staff intensive.
Regardless of what market it’s in, typically if you’re going to be able to scale a business, if you’re going to be able to run a business and certainly grow a business, you’re going to need to employ a number of member of staff over a period of time.
The one thing that’s obviously going to be tricky about that is that it’s hard to be flexible. It’s hard to run it as a lifestyle business, when you’ve got a number of staff members all relying on you for their income, for their pay check and obviously their lifestyle.
You need to look after them as part of that business. If you own and run businesses at the moment or if you’re maybe director, manager, high level supervisor, you understand that level of responsibility in terms of employing staff and managing and looking after staff.
One of the main benefits of property is how it compares to these more traditional businesses. You can actually scale it and grow it without having to employee staff. You can do it without needing to be too labor intensive or too staff intensive.
The reason for that is because the industry of property is set up for using consultants, oursourcing different companies and organizations all across the way from letting agents, mortgage brokers, solicitors, refurbishment teams.
All of those main power team individuals and companies that you rely on to run your property business and to also grow it and scale it, you can use consultants, you can bring in teams to do those work without actually having to employ staff members.
The beauty of that is it allows you to scale without needed to be restrictive in terms of having to go down the route of employing and training different individuals. You can just go out there and find a letting agent that can manage your property.
Obviously, there’s going to be certain questions and certain ideas that you need to have in place to make sure that those letting agents can manage those properties successfully for you and certainly the tenants as well.
Never Need To Do Everything Yourself
Things like letting agents, maintenance teams, mortgage brokers, solicitors, as we mentioned, you can always go out and find new individuals or companies to run and operate those roles for you within your business. You don’t have to do it yourself.
You also don’t have to employ staff individually to do those roles. That’s great because it allows you to scale and grow quite quickly if you needed to. It also allows you to swap out individuals in your power team if they’re maybe not performing or if they’re not doing the roles that you’d want them to do or as successful in the roles that you’d want them to do.
If you need a new maintenance team because the last individuals or team that you used hasn’t performed very well or maybe the work and the quality they did wasn’t great or maybe their prices aren’t competitive any more, you can do that.
There’s ways in which you can go out and find qualified individuals to plug that gap within your business.
Freedom & Lifestyle Business
That’s fantastic. You don’t get that within many of the businesses. All of the family and friends that I know that run businesses, that’s one of the limiting factors. That’s one of the most stressful parts of the job is having that reliability on employing those staff and managing those staff.
To be free from that, to have the ability to scale, outsource and grow your business without having to be there every day is a fantastic ability. That’s one of the great things about property.
Obviously, you’re not only going to make a good investment in terms of long term … You’ve got the stability, the bricks and mortar and also the return from rental yield and from other property strategies as well. It also gives the ability to scale and grow without the restrictions and limitations that many more traditional high street businesses tend to come with.
If you are business minded, if are looking to grow a business and not just have property as investments, then it’s a great ability to do that by being able to run your business in that method.
Hopefully, that just gives you a bit of an insight, a bit of an idea in terms of one of the benefits of property. In the other videos as well we’ll talk about the other benefits of property, but also, more importantly, how you can actually find the deals, how you can find the tenants, how you can choose the best property investments and also the best areas that suit for you, your location and your strategies as well.
Hopefully, you found that video quite helpful. I hope it’s given you a bit of insight in terms of some of the things to maybe consider if you are looking at a property business that you can build and grow and develop over time that’s not just a one-off property investment.
Hopefully, you picked up some ideas or it’s given you a bit of an insight in that. Any questions or comments, please feel free to leave them under the video below or drop us an email at [email protected] Always happy to help.