Here is one of my favourite inspirational tales. Read on ...
It was not long after the Gods had created humankind that they very soon realised that they had made a huge mistake. The creatures that they had created were so adept, so skilful, so full of curiosity and the spirit of enquiry that it was only a matter of time before they would start to challenge the Gods themselves for supremacy.
To ensure their pre-eminence, the Gods held a large conference to discuss the issue. Gods were summoned from all over the known and unknown worlds. The debates were long, detailed, and soul-searching, and lasted well into the night.
They were all unanimous about one thing. What differentiated the Gods from the mortals that they had created were the differences between the quality of the resources they had. While humans had their egos and were concerned with the external, material aspects of the world, the Gods had spirit, soul, and an understanding of the workings of the inner self.
The Gods realised that sooner or later the humans would want some of that too.
And so the Gods decided to hide their precious resources. The question was: where? This was the reason for the length and passion of the debates at the Great Conference of the Gods.
Some suggested hiding these resources at the top of the highest mountain. But it was realised that sooner or later the humans would scale such a mountain.
And the deepest crater in the deepest ocean would be discovered.
And mines would be sunk into the earth.
And the most impenetrable jungles would give up their secrets.
And mechanical birds would explore the sky and space.
And the moon and the planets would become tourist attractions.
And even the wisest and most creative of the Gods fell silent as if every avenue had been explored and found wanting. Where on earth could they hide these precious resources?
And then, the Littlest God, who had been silent until now, spoke up. "Why dont we hide these resources inside each human? They will never think to look for them there."
And so they did. Many of us don't think to look at our own resources, or those of our workforces, but when we do we can often find real power.
Derek Cheshire is an expert, speaker, consultant and facilitator in the areas of Business Creativity, Innovation and Idea Generation. He is creator of the Innovation Toolkit, and co creator of workshops such as Creating The Difference, Creativity as a Business Tool, Sticky Strategy and The Idea Factory.
You can receive regular ideas and updates on Business Creativity and Innovation by visiting http://www.creative4business.co.uk and filling out the simple sign up form.
Emergencies
One of the biggest problems relating to the management of property is maintenance. Maintenance problems tend to fall into two camps.
The first is emergency work; those things that occur which need immediate attention. These can be a whole range of things from smashed windows to blown fuses. However, in my experience a good 50% relate to plumbing matters. A boiler that fails to start up, showers or washing machines that start leaking or taps that wont shut off. Depending on the severity of the problem, they often need immediate attention in order to prevent serious long-term damage.
This is why being on good terms with a plumber is useful. If you can cultivate a friendship with a trustworthy plumber; this relationship will turn out to be priceless. Its always good if you also have a back up as well, just in case the other is away or cant meet the required timescale. Remember emergency plumbers arent cheap; so try and use them as a last resort. If the problem can wait for even just a few hours so that your regular plumber can look at it; the cost will probably half.
You should remember though that you do have a legal responsibility to the tenant to get the problem sorted as soon as possible. In addition, leaving it may prove far more expensive than acting immediately so there is a lot to evaluate quickly before you make your decision. Always remember that ensuring that appliances such as boilers and cookers are serviced regularly should cut down the chances that they will go wrong in the first place.
Other types of emergencies are likely to be electrical, or appliance based; such as an oven that stops working. In these situations, if you havent got somebody at hand that can do the work, you can do what I have done on a number of occasions try using the trades directory www.yell.com . Its never ideal using somebody you dont know or is not personally recommended, but often I have found very competent & helpful people using standard directory services.
A few tips for your selection strategy.
Always start by trying to select local tradesmen. This way they are more likely to be able to help quickly and charge you less if for instance they can do your job on the way home. Remember to test out their experience and knowledge first on the phone to make sure they will be able to do the job. Finally, good trades men are normally busy, so be wary if they appear too desperate to help you out.
On-going
In addition to these urgent jobs, there is the inevitable longer-term maintenance work. If unattended these jobs can cause long-term damage to your investment. You have to be careful though as these jobs can come back to haunt you. This is because:
a) The tenant doesnt tell you until the damage has become major or you discover them yourself when they move out.
b) Because the problem is not pressing you ignore it as it is not major and there always seems to be more important things to do.
Scenario (a) is an example of why regular inspections are essential. They should allow you to pick up on these problems, before they get too large. Scenario (b) is entirely of the landlords making and cannot be blamed on anybody else.
The best way to avoid it is to have an organised maintenance schedule. Time can often be a problem for a busy landlord. One way of saving time is to avoid having to shop for the products you need to carry out the work.
Finally, be aware of the provisions of the Landlord & Tenant Act 1985 requiring you to keep the property in good repair. Failure to keep up with the maintenance could leave you open to legal challenge, particularly if you get into a dispute with the tenant. Then these minor maintenance matters can often be used as a reason for non-payment of rent.
Chris Horne has 20 years experience as a property professional having worked for companies such as English Partnerships and Drivers Jonas as a planning and surveying consultant.
He now works full time as a investor and property developer.
He also has developed the site Property Hawk targeted at UK Landlords it provides FREE Property Management Software.
Property Hawk also includes a mass of Buy to Let targeted information, FREE Tenancy agreements, Inventory Forms, financial and management tools. Its primary aim is to make managing property simpler for UK Landlords.
propertyhawk.co.uk is the Landlord's Homepage