| The property management business is a really | | | | Word of mouth got around and soon I had to |
| good idea for someone who wants to make a | | | | start turning people away as I was far too busy |
| decent income without taking too many risks. | | | | managing my packaging company to do property |
| My foray into property management was purely | | | | management full time! Had this business not been |
| by chance. I had about 15 flats in Dundee and | | | | doing well I could easily have started managing |
| employed a full time handy man to collect rents | | | | properties full time. |
| and sort out any minor repairs. | | | | I even managed to buy a couple of apartments |
| My friend Chris knew that my properties were | | | | at knock down prices when one of my clients |
| well managed and he asked if I would look after | | | | wanted a quick sale after his tenants left. They |
| his mother's flats. I knew that she was not well | | | | offered me the properties for the same price |
| and because of her health, in the last year half | | | | they had bought them for a couple of years ago. |
| her flats had lain empty. I reluctantly agreed and | | | | I knew the market had risen substantially since |
| started renting out her properties. | | | | then and bought them straight away. I spent a |
| I managed to get her occupancy up to over | | | | couple of weeks doing them up and had them |
| 90%. My charging structure was very simple as I | | | | rented out in no time. When property prices |
| kept 10% of her rent and she also paid all costs. | | | | started rising strongly I sold both of them, making |
| She was delighted with my service and told her | | | | decent money only to miss out on the real boom |
| friends who approached me to do the same for | | | | in prices! |
| them. Being busy but not wanting to say no | | | | If you have time on your hands why not consider |
| straight away I offered to provide the same | | | | managing other people's properties? Be warned |
| service but at 15% of the monthly rent. To my | | | | though that you are on call 24/7 if an emergency |
| surprise they agreed. | | | | happens at any of the properties. |