30/09/2026
I lost a LOT of money whilst growing my property business, I call it the Knowledge Debt! 🧠
One of the biggest has been hiring the wrong property managers ☹️
I bought 4 properties back to back over the course of 2 years, refurbished and handed them over to a lettings agency in the north east
They helped me find those properties, managed the refurbishment and also had a lettings agency
They made my sign an agreement where I'd be locked with them for 2 years at least (RED FLAG) and had lots hidden fees for exiting the agreement 🚩🚩🚩🚩🚩
All refurbishment went over budget, they took a week to come back to emails for maintenance requests from tenants and sometimes completely ignored my emails
Lots of money spent in maintenance issues not being looked at (which I'm still seeing nowadays)
Long story short, we managed to get out of each contract and found a new agency through multiple recommendations 🟢🟢🟢
He helped us get out of this mess, and put some order to the properties
2 key lessons here:
1. Find someone that is good at doing 1 thing, and has mastered it
2. Trust but verify (recommended people)
Once you find a good property manager you really forget about properties
Lots of other lessons here, like why did I do the mistake 4 times? and why did I want for so long?... 😅
Is it just me?