3 Time-Saving Tips Every Busy Property Investor Should Know
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Real estate investing can quickly become more than a lucrative side business and a full-time commitment. When midnight phone calls become the new norm and your weekends are spent dealing with property inspections, you realize that it takes more than money to become a successful investor; it takes strategic time management.
Whether you own one rental investment property while balancing a high-stress career or are dealing with an expanding portfolio, here are some time-saving strategies to help you take back your schedule without sacrificing your payoff.
Transform Administrative Chaos into Streamlined Systems
While it may seem reasonable in the early stages to do all of the property management yourself in an effort to save money, it typically ends up being counterproductive as your portfolio size increases or as you become busier. That’s when understanding property management services and how they can help becomes vital.
Professional property managers accomplish so much more than most investors ever even think about. In addition to the self-evident tasks, such as collecting rent and dealing with the tenants, they can do a lot more. They can:
Manage the complex maze of compliance with the law
Arrange emergency repairs 24/7
Perform rigorous screening of tenants to keep your property safe
Manage the complicated paperwork of lease contracts
Maintain the accounting books necessary to make tax season a breeze
To ensure professional delegation in an effective way, you should recruit managers who show evidence of local market expertise. Seek out professionals who utilize cutting-edge property management software that provides you with immediate access to financial reports and property information, allowing you to oversee without being overwhelmed with day-to-day operational details.
Use Technology to Automate Repetitive Tasks
An increasing number of investors are now looking to use technology to automate some of their business operations. Smart automation is more about identifying the repetitive tasks that cost you time and using targeted solutions to manage them efficiently.
For instance, rent collection can be simplified using an automated system. These online payment systems save you from chasing down checks while updating your books automatically when payments are received. You can even set reminders to tenants when rent is due. Tenant application processing and screening are another major area for automation.
Communication can be automated using property management software or a CRM system, which can manage standard tenant correspondence, remind automatically of lease renewal or inspection dates, and produce systematic records of all correspondence. This systematic approach eliminates the mental load of remembering follow-ups from falling through the cracks.
Take Advantage of Strategic Time Blocking
Professional assistance and automation help in so many ways, but real estate investors still need to take care of certain tasks. Strategic time blocking can help in a big way here. It’s about allocating particular time periods to particular types of activities in order to prevent confusion and forced decisions.
The optimal way to manage things is to do the same type of work at the same time rather than keep changing from one activity to another throughout the day. Instead of reading financial statements, emails, and making calls at random, schedule each of them in advance. You can have Tuesday mornings to read financial statements and reviews, Thursday afternoons to talk about properties, and Friday evenings to strategize and research for your portfolio.
Endnote
Being successful as a real estate investor isn’t all about how busy you are, but it’s about the returns you get for the time and energy you put in. Be sure to use these time-saving tricks and use them strategically to handle your responsibilities as efficiently as possible.
