When Tony and Angie Mott launched their Platinum Property Partners franchise in the Birmingham area in March 2010, they decided to split the work in order to make the most of their different skill sets. Here Tony describes a typical day he and Angie enjoy as franchise owners
6.00am: I usually wake up early and, after some breakfast, check the weather to see if it is suitable for me to cycle the short distance to my office.
8.00am: I meet the crew who are working on a new property and contact a building regulations company to arrange to inspect and certify the work they will be doing.I prefer to use a private company rather than the local council, so we can build a relationship to help us understand what they require and provide consistency.
11.30am: I work on a questionnaire and other admin for a remortgage we are completing. Although I am not a great admin person, getting finance in place is a key activity and I do keep on top of it. I may not be Donald Trump yet, but I do know that no funding equals no business.
Despite the current economic challenges, we are in good shape and being a PPP franchise partner with access to brokers who understand our business is fundamental to keeping our business on the front foot.
12.30pm: I catch up with emails and spot a response from the building regulations firm, which alerts me to a couple of new requirements that will probably affect my plans. As I am not a builder, I cannot assess the impact these may have, so I immediately visit the PPP intranet forum to seek clarification on the planning and regulations page, which will be seen by PPP’s support team and fellow franchise partners.
People always question why we chose a franchise, but it’s when you meet obstacles and opposing forces that the value really kicks in. This particular issue is not a big deal, but it’s nice to have a support network to bounce ideas off and inevitably a solution emerges.
1.00pm: Next I receive a phone call from a prospective tenant for a room Angie has just started to advertise. PPP teaches you which questions are useful for telephone screening, so we can have a better idea whether they are suitable to view the property. Angie arranges a viewing next Monday - this is our third property, which is located in Erdington, very close to Angie’s other business, so it will be easy for her to pop out and show the prospective tenant around.
2.00pm: To prepare for a meeting with our accountant next week, I visit the bookkeeper who looks after Angie’s domiciliary care business to ensure I haven’t made a complete mess of what I have done so far. When we bought the franchise, I decided it was essential for me to understand all the financial matters and I volunteered to do the bookkeeping for the first two years. I then made the mistake of stuffing all the receipts for the renovation and refurbishment of our first three properties into a shoebox and had to spend nearly three weeks untangling them and entering them into an accounts package.
2.30pm: I go home for lunch and look through the local property pages, as we are keen to get two more properties in the pipeline. Finding the right property is a key part of our business - Angie is really interested in this area and has the lead on identifying prospect properties. I flick through the pages hoping to get lucky and see something she’s missed.
4.30pm: A friend picks me up and we go to a local property auction to see what is on the market. Later I go back onto the PPP intranet and see that Alison, who is PPP’s planning and building regulations consultant, has responded detailing what changes may occur, as well as directing me to a website for more information and offering to get some example costs.
7.00pm: A busy but productive day closes and we enjoy a family dinner. Some days we work very long hours, but others, for example, when one of the children are in a school play or assembly, we can take the time out to be with them.
PLATINUM PROPERTY PARTNERS
Platinum Property Partners (PPP) is an established, highly respected and successful property investment franchise that enables its franchise partners - PPP’s term for franchisees - to quickly, safely and successfully build UK residential property portfolios as profitably as possible.
Launched in 2007 by founder Steve Bolton, Platinum Property Partners is the world’s first property investment franchise and is also the fastest growing premium franchise in UK history. There are currently over 100 franchise partners operating in 75 towns and cities across the UK. The company is an award winning landlord, a member of the British Franchise Association and the UK’s leading provider in this sector.
The tried, tested and proven business model enables PPP franchise partners to build property portfolios that achieve an average return on investment of 15 per cent. After paying all costs (mortgage, bills, maintenance and voids), an average property will generate £15,000 gross profit per annum from rental income alone.