We are all guilty of taking on too much, aren’t we? The more we can do, the more we can make, and the more we can make our portfolios desirable. We think that we are invincible. And, as investors, we often think that paying someone else to do what we can do ourselves is just a waste of money, right?
Among investors, it is so common to live this way – call it professional multitasking. Except, it isn’t good for us, is it? In fact, there is even research to back this up. Living your life burning the candle at both ends takes away the quality of your quality of life. It can increase your stress levels (which can result in a plethora of medical conditions), can actually cost you income rather than increase it, and can even send your investment career to an early demise. Yikes!
Here’s the thing, the more you try to do, the more your quality of work declines. You may think that doing more gets you further. You may think that by purchasing properties, renovating them, renting them out yourself, handling all the repairs, and so forth is going to get you a high level of success. But, it’s not. You may have a lot of properties in your portfolio, but you are running around working nonstop, tired, with no time for self-care or a healthy personal life – and you probably didn’t do very thorough research on your latest purchases either. Maybe you even ended up with a sour deal and are too busy to even realize it.
Just, stop. Is investing what you are good at? Is that what you enjoy? Then do that! And leave everything else to someone who is good at that.
Know someone who can multi-task successfully while focusing on quality? An investor who has a portfolio of rental properties that has been turned over to a property manager to manage. After all, being an investor is one role, managing rental properties is another. Nobody should be doing both.
Since you find yourself here, there is a good chance that you have a portfolio of rental properties. Hiring a property manager can give you a chance to free up your schedule. And can definitely be worth your money. You will have a reliable team caring for your rental properties, from routine maintenance and repair to securing quality tenants and handling all paperwork. You find the properties and invest in them – and your property manager can handle everything else.
You can be an investor. Or, you can be a smart investor who delegates and knows his/her worth. The choice is yours.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out atwww.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.