There’s a certain part of your realty education that most agents tend to come by the hard way, if at all. Do you have the Superman syndrome? Symptoms include an inability to delegate even the smallest task to anyone else in your organization, thus you spend all your time making copies (thank you SNL) or fixing noisy refrigerators for tenants. This is a poor use of your time! You’re a real estate investor. The majority of your time needs to go towards finding more excellent property deals. There are a few simple answers to dealing with projects that drain away the day’s time.
Issue #1: You’re not an office zombie.
They invented administrative assistants, secretaries, and temporary office help for a reason: to free up busy entrepreneurs for the money making work. A good admin assistant can be worth their weight in gold. It’s probably worth the time and effort to find a good one and pay them well. You should more than be able to cover the additional expense with the extra income you generate doing what you were trained to do.
Issue #2: Use property management.
Hiring a property manager not only makes sense but it’s the law. Actually, we’re kidding. It’s not really the law but it might possibly be considered criminal to take on all that tenant/landlord hassle yourself when there’s another option available. Most management companies charge 6% or 7% for their services. In return, they collect rent and send it to you, deal with midnight phone calls from frazzled outraged renters, and arrange for repairs and regular maintenance. If taking these responsibilities off your own plate and dropping it on someone else’s isn’t worth 7% – you may have fallen on your head recently.
Don’t say we never gave you anything. The preceding is a bit of realty education you don’t learn in school.
The AIPIS Team
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