Being a landlord does come with some luxuries, but it also means being in charge of your own workday. And, while some landlords may be great at managing their time, all of us – at one point or another – tend to get sucked into at least one time-draining habit.
The problem is that we may not even realize that certain actions or habits of ours could be taking up much more time than necessary. So, let’s take a look at a few of the most common ways in which landlords waste time – and, while we’re at it, determine what to do to get that time back!
No Routine? Create One.
Do you have set work hours? Do you have a routine or schedule? What’s the first thing you do when you get up in the morning? How do you start your day?
To make the most of your time, it is important to have a routine – especially a morning routine. Take time to schedule your days, knowing when you will focus on specific tasks. Gathering yourself, your thoughts, and your plans together each morning is a great way to kick off each day and make it a productive one. It only takes a few minutes to sit down and plan it out. Know what you need to do, what you can fit in today, what you will put until tomorrow, and so forth. It’s a great method for knocking out priorities and making the most of your time while also reducing stress.
Beware of Social Media.
Our cell phones go everywhere with us these days. And, if you are on social media, then your apps go everywhere, too. Have you ever received a notification that, say, someone tagged you in a photo? You tell yourself that it’s ok to jump online for just a moment to look at the post. Next thing you know, 30 minutes have gone by. Then an hour.
Time disappears very fast when our eyes are focused on social media. Imagine all the things you’d be able to accomplish if you weren’t on social media!
Here’s the tip – remove it from your phone. You could delete them altogether, but that’s not necessary. Simply removing them from your phone still allows you to enjoy social media for what it offers, but you will just have to do it while sitting in front of your computer.
Gathering Rent Payments.
Do you still go to all of your properties to collect rent from your tenant/s each month? Stop doing this! This is an incredible waste of time – especially if you have very many properties. Not to mention that it is also very frustrating.
In the digital world that we live in, there is no reason why you should still be chasing rent payments in person. Instead, be more efficient by requesting that your tenants submit their payment to you electronically or through an online system.
There’s a good chance your tenants will find this more convenient, too.
It doesn’t matter if you are new to the ways of a landlord or you have been doing this for many years, having a plan, keeping your focus, and streamlining your processes can help free up a lot of your time. After all, being productive just feels good, doesn’t it?
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.