As with any business (and let's face it, life in general!), it sometimes pays to stop and take stock of what you are doing. It can be all too easy to get caught up in the 'busyness' of your activities and life, and having regular periods of reflection can afford you insights into what is really going on, rather than pushing forward with ideas and projects which may not actually be beneficial in the long run. In the context of running your portfolio (however large or small), taking the time to ensure that your property affairs are properly in order and making sure that you are fully up to speed with current legislation and regulation in your business will really benefit you. With so many changes in the law going on at present and with the general election imminent (bringing with it the likelihood of more changes), it is crucial to continue to stay 'up to speed' with what is going on. It is only when you give yourself the space to do this that you can make sure you are compliant. In relation to how you are building your business, periods of reflection (even taking a quick time-out before putting in an offer on your next deal), will help you notice any niggling doubts or gut instinct that is forewarning you of something untoward. You may find the points below helpful in terms of noticing where you are with your business and whether it is best serving you right now as well as for the future:
- Are your properties helping you work towards your overall property business goal?
- Are you aware of any necessary remedial works which you have been putting off?
- Have you carefully considered what your next steps are in your business?
- Are you happy with the way you are managing everything?
- Are you aware of all your responsibilities as a landlord, rather than just taking someone's word for it?
- Are you a member of an organisation which can help you stay abreast of all the changes in the law as they come about?
- Are you happy overall with your property portfolio?