FAQs on multiple property management

February 28, 2013

Landlords Insurance

Some of the following questions and answers might prove useful if you’re looking for ideas on multiple property management.

How can I simplify my insurance life across multiple properties?

Consider getting a property portfolio insurance quote.

Having all your insurance consolidated into the one policy and one provider should significantly reduce your administrative overhead.  It might also enable to you obtain a more attractive overall price per property on the basis that you’re buying more from the one provider.

It’s essentially a potential economy of scale benefit.

What are the pros and cons of a property management service?

If you’re trying to manage multiple properties, particularly if they’re geographically apart, then you’re probably spending a lot of time travelling between them.  You might also find that you’re frequently in the position of trying to be in two or more places at once.

A property management service can take a lot of the admin and logistical overhead off your shoulders, including things such as inventories and front-line tenant issue resolution.

Points to watch are that, of course, some companies might be better than others.

There is also cost involved.

How can I get other economies of scale?

It might be worth looking for a builder who will offer preferential rates if you give them first refusal on work across all of your properties, though that might be practically difficult if your locations are spread across a wide area.

You may wish to consider opening up an account at one of the larger DIY stores because if you’re regularly refreshing your properties then you might benefit from discounts for buying in bulk.

Similar approaches might yield benefits if you’re buying things such as appliances and furniture.

What happens if one of my properties sits empty?

Different property portfolio products might handle that situation differently.

Typically, cover for an unoccupied property will be maintained for up to around 30-45 consecutive days. After that period, your cover may lapse.

Your insurance provider should clarify the exact position for you.

Where can I find further advice on multiple properties?

In terms of cover, here at CIA Insurance we have considerable experience of multi property insurance and will be happy to discuss the matter in detail with you.

Some landlords’ associations might be able to provide further in-depth information on some of the non-insurance opportunities that might be open to you for things such as discounts through volume purchasing and property management companies etc.

 

 

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