In a recent LinkedIn post, Nick Curum delves into the nuances of successful property investment, arguing that true advancement for landlords lies not in the sheer number of properties owned, but in the sophistication of their operational processes.
Drawing on data from the English Private Landlord Survey 2024, Curum highlights a significant disparity: while 45% of landlords in England own just one property, a smaller group (17%) owns five or more, controlling a substantial 49% of tenancies. Curum posits that the key differentiator is not capital, but process.
“Buying another property does not move you up a level. Systemising the ones you already own does.”
The Five Levels of Landlord Maturity
Nick Curum outlines a five-stage model that moves beyond simple ownership, emphasizing the strategic development of a property portfolio. This framework provides a roadmap for landlords seeking to enhance efficiency and profitability.
Level 1: Foundations, the Rules
According to Curum, the initial stage involves establishing clear, pre-defined rules. These should be quantifiable, with specific outcomes set as numbers and dates. This proactive approach ensures that emotional decisions, often made when a deal seems particularly attractive, do not override sound investment principles.
“Write the outcome as a number and a date, then the criteria you will not break when a deal looks exciting. Rules written after the offer are not rules.”
Level 2: Repeatable, the Screen
The second level focuses on creating repeatable screening processes. Curum stresses the importance of applying consistent measures to every area and deal, stress-testing them at higher rates and longer void periods. This ensures that weaker investments are identified and rejected on paper, preventing costly mistakes during viewings.
Level 3: Leverage, Recycling
At this stage, landlords learn to leverage their assets effectively. Curum suggests refurbishing to a valuation rather than personal taste and refinancing to reclaim initial deposits. Staggering renovation projects is also advised to mitigate the impact of a single bad year on the entire portfolio.
Level 4: Hands-off, Standards
Curum describes this level as achieving a hands-off operation through clearly defined standards. In this model, the agent manages the day-to-day, while the landlord sets the benchmarks for performance. The landlord’s role becomes one of oversight, reviewing key metrics such as rent, arrears, voids, works, and cash flow on a periodic basis.
“The agent runs the diary. You write down what good looks like and read one page a month: rent, arrears, voids, works, cash.”
Level 5: Operator, Allocation
The pinnacle of Curum’s model is the ‘Operator’ level, characterized by strategic allocation of capital. At this stage, every pound is assessed for its optimal use across the entire portfolio, with ‘return on equity’ serving as the primary decision-making metric, as opposed to ‘yield’, which Curum suggests can be misleading.
Process Over Property Count
Nick Curum emphasizes that portfolio size is merely a record of purchases, whereas portfolio maturity is a testament to decision-making. He illustrates this point with a compelling comparison:
“A three-property portfolio run at level four will beat an eleven-property portfolio run at level two, and return on equity is where you see it.”
Curum concludes by urging landlords to internalize these principles, particularly before making their next offer, as the temptation to bend established rules can be significant when a deal appears lucrative.
📝 About This Content
This article is based on insights shared by Nick Curum on LinkedIn.
📅 Originally posted on September 9, 2026 | View original post on LinkedIn →