Joy in Property Management
Not too long ago, Marie Kondo’s insight into joy took to the headlines. It seemed as if everyone was getting to the bottom of what sparked their own joy. Finding happiness in what you do can also apply to being a property manager. Take a few minutes to examine what brings you joy in being a landlord and you might find some surprises.
Rental Business Tasks
Owning and operating your rental property allows you to cover a wide array of tasks. Some may be more joyful, while others you may find you despise doing. As a landlord, you will be responsible for setting your rental rate, finding the best tenants, and tending to maintenance requests, among other tasks.
Some of these property management tasks are done occasionally, while others more often. Setting your rental rate and writing up leases may not need to be done often. However, others, such as maintenance and dealing with bad tenants may steal any joy of being a landlord. Additionally, rental properties can sit empty for a prolonged period of time. In such an event, you could experience a number of negative consequences, including a significant drain on your cash flow.
When to Consider Outsourcing Tasks
Looking at what you are responsible for as a landlord, you may find some that you enjoy. You will also find others that you would like to hand off to someone else. Or, perhaps you find that all of these tasks are overwhelming and steal your happiness and joy. It might be time for you to consider outsourcing these tasks to trained professionals. Outsourcing may have a negative connotation. However, professionals, such as property managers, can be an incredible benefit for rental property owners.
Increasing Joy and Profits
Property management companies not only help in the finding and retention of good tenants, but they can also help to prevent future headaches. Landlords are responsible for ensuring that your rental property and lease process adhere to the state and local laws. Keeping up with these can be difficult. There can be small or large changes that may affect how you operate your rental property. Doesn’t sound like an opportunity for much joy, does it?
Through entrusting a property management company, you are able to pursue other aspects of life that bring joy to your life. Some property management companies can also provide a la carte services. This way, they handle the tasks you don’t enjoy, while allowing you to tend to those that you find fulfilling.
If you know other rental property landlords in your area, you can meet up with them to see if you can trade some services. It is likely that other landlords may not enjoy landscaping responsibilities, for instance. Instead of them taking care of them begrudgingly, offer to tend to those tasks, for a price, if you are able to find joy. It also may work vice versa, with all parties pleased. By freeing up your valuable time, delegating tasks, and working with other landlords, you are able to potentially make money doing things you enjoy.
How Property Managers Can Help
Most established property management companies have a variety of professionals on hand. This way they are ready for just about anything that may happen while they are entrusted with your rental property. Typically, they have access to a qualified home inspector, general contractors, handymen, a licensed real estate agent, and a lawyer.
If you have a few rental properties, you may want to consult an outside source of assistance, which may save you money. It will not be likely that you will have enough work to hire a handyman and keep them on the payroll, as compared to operating a hundred rental properties. Property management companies are better equipped to handle a multitude of tasks. If this sounds like something that you could spark some joy in your life, contact the professionals at The Property Manager to see how we can help!
References
3 tips for dealing with vacant rental properties
A property manager’s guide to outsourcing
Property management or DIY: Which one is for you?
Reasons to outsource property management services
