How Being a Self-Managing Landlord Can Take up Your Time

Time is a precious resource in people’s daily lives that no one can ever get back. Now that everyone is living in a fast-paced environment, people seem to be busy all the time with managing deadlines and various responsibilities.

When it comes to the real estate business, time is your best friend. Generally, the longer you hold onto your assets, the more value it will accumulate over time. However, that is not always the case. 

On Time and Real Estate Value

While time can be an asset in the real estate business, it can also be a limiting factor. Let us say you own a property and rent it out. As time passes, you will reap the benefits of your investment. However, deciding to handle all the work by yourself is another story. While doing so can help save you on cost, it will eat up a lot of your precious time.

Time-Consuming Tasks That Property Owners Need to Do

Renting out a property and acting as the landlord can sometimes be rewarding, but it is always time-consuming. It will require daily demands in managing operations and maintenance. Here are some of the most time-consuming tasks you need to fulfill as your rental property’s acting landlord.

Preparing and Marketing Your Property

Let us start from the beginning. You need to prepare your vacant property before putting it on the market. That means making sure that all corners of the property are in good condition. You need to clean it thoroughly and do some repairs or replacements to attract more potential tenants. 

You also need to do the marketing. Your goal is to make your home presentable to capture high-quality tenants. Showcase your house in the best light possible on as many platforms as you can. Your phone will also begin to receive calls from potential tenants who want to view your property. 

At this point, you will probably not have any time to pre-screen potential tenants. You will end up entertaining most inquiries to avoid letting go of opportunities. That can lead you to more unqualified parties viewing your home and eating up your time.

When you finally find a prospect, you will need to do the screening too. You need to check their credit, criminal, and employment background. You need to assess their income, make previous rental verifications, and make a nationwide eviction search to ensure you are not renting your property to just anyone. 

Various online tools can help you with some of these tasks, but all the work will still fall on you at the end of the day. 

Maintenance and Tenant Relations

Part of any property owner’s duty is to keep the property in good condition, so expect to take some time for maintenance. If your tenant calls or texts you about a home concern, you need to respond immediately. It is all part of maintaining the business, your relationship with them, and your image.

The bad news is that emergencies can happen anytime, even during the busiest days of your life. As the landlord/owner, you will have no choice but to deal with their problems right away.

Rent and Finances

As a solo worker, you also need to take care of your finances. That means collecting rent from your tenants. You are lucky if you find responsible tenants, but some might be more difficult to deal with. Moreover, you need to track your finances to ensure that you have a healthy income, too. 

Conclusion

All businesses come with challenges, but sometimes you need to make wise choices in what challenges to take on. Time is precious, so if there is a way to make things more efficient and effective, consider taking that. The same goes for your property. With all the various responsibilities you have as a landlord, you need to prioritize your tasks so you can keep your business going.

Do you need a residential property management service in Jacksonville? We can help! We can take care of everything for you, from marketing your property and collecting rent to addressing tenant concerns. Contact us today to learn how we can help you.