How to manage a successful build-to-let project
Build-to-let projects are one of the best ways to make money from the private rental sector. However, despite the alluring potential to make money, managing a successful build-to-let project is more difficult than you might think.
Here are some top tips for successfully managing your own build-to-let project.
Ensure you have the flexibility to project manage
In order to successfully manage your build-to-rent project, you need to be able to devote a lot of time to it. This either means it being your only job or you having a second job that’s very flexible, allowing you to spend a lot of your time at the site.
As the project manager, it’s your duty to oversee everything – making sure you can pop to the site before it opens, be there to resolve any issues, and being on call to make any important decisions.
Without true flexibility, you’ll struggle to successfully oversee the process and may need to employ another manager in your absence.
Use your contacts
If the aim of your build-to-let project is to make money, then overspending in the construction phase is clearly counterproductive.
In the building trade, making contacts and using them is crucial to your success. By speaking to others in the trade and finding out who the best quality contractors are for the right price, you’ll be well on your way to success.
Having an understanding of the building process is also crucial to successful project completion. With so many important technical decisions to be made, making a bad call could be a disaster. Using your contacts to discuss any risky decisions is vital.
Understand the market
When it comes to managing a successful build-to-let project, having an understanding of the market you’re appealing to is essential.
With functionality, design and location all crucial to success when constructing a build-to-let project, taking advice from a company like Allsop – who specialise in advising investors in the private rental sector – is a good move.
Be methodical and organised
By following the three essential steps above you’ll be well on the way to ensuring your build to let is a success.
Being organised will help too, and by creating an onsite office for keeping all your plans and paperwork safe you’ll be able to produce any important documents at the drop of a hat.
Photo credit: Sandid at Pixabay
