Inside Our Property Portfolios: Challenges, Changes, and Growth With Nick and Steven

In this relaxed and candid episode of the Scottish Property Podcast, Nick and Steven catch up on their latest adventures—both in life and business. From thrilling personal experiences, like road trips and skydiving in the US, to the challenges of managing property portfolios, the hosts share insights, stories, and hard-earned lessons.

This episode offers an honest look at the highs and lows of property investing, including staffing issues, rising mortgage rates, and portfolio restructuring.

Episode Highlights:

• Nick’s US Adventure:

  • Nick talks about his two-week trip across the West Coast, riding Harleys, driving a Dodge Challenger, and even winning big at the casino—only to learn the IRS takes a hefty 30% tax cut.

• Taking a Break from Business:

  • For the first time in a long while, Nick was able to step away from work and fully disconnect, highlighting the importance of trusting your team to keep things running smoothly.

• Portfolio Restructuring Challenges:

  • Steven shares his struggles with managing his large Aberdeen-based property portfolio, including challenges with staffing, maintenance, and increasing interest rates.
  • They discuss scaling operations, hiring full-time staff, and dealing with the frustrations of finding reliable contractors.

• The Impact of Rising Interest Rates:

  • With mortgage rates soaring from 3% to 7%, Steven reflects on how these changes have affected his portfolio’s profitability and forced him to cut costs on maintenance and management.

• Staffing Struggles:

  • Steven recounts his efforts to hire the right team, sharing stories of employees who didn’t meet expectations and how finding the right fit is essential for managing properties efficiently.

• Insights on the Rental Market:

  • They discuss the changing dynamics in Scotland’s rental market, including the shift towards more international tenants and the continuing demand for rental properties despite a correction in rental prices.

• The Value of Systemisation:

  • Nick and Steven stress the importance of having the right processes and systems in place, with tips on using tools like Loom videos to train staff remotely and improve efficiency.

• Networking and Community Engagement:

  • They talk about the importance of networking events, including updates on their monthly meetups across Scotland, with special mention of speakers and topics from recent events.

Tune in to this episode for a fun and insightful conversation covering personal experiences, property management tips, and reflections on running a business amidst changing market conditions.

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