Beyond the financials involved with owning and managing your own property, there is another key factor you’ll want to keep a close eye on.
Your time.
We can quote a lot of famous folks on the importance and value of the time you devote to various things, but for the purpose of this blog, let’s go with a timeless Mark Cuban nugget:
“Time is the most valuable asset you don't own. You may or may not realize it yet, but how you use or don't use your time is going to be the best indication of where your future is going to take you.”
So, on that note, what are the time-saving tactics you can implement along your property management journey that may ultimately propel you to success? Here are five starters:
1) Use technology to your advantage.
We are long past the days where dropping a check off to pay rent is the only way to go. Explore online payment options to save you and your tenant extra time (and perhaps an extra check).
2) Vet!
Spending a little extra time vetting a tenant up front – including background and reference checks – will certainly save you some time and potential headaches in the long haul.
3) Load your listing with information.
If you don’t want to be asked a bazillion questions during the listing phase, load up your listing with as much proactive information as possible. If the MLS system doesn’t provide enough room for you, a dedicated website with room to elaborate is always a nice touch.
4) Don’t get too wacky with your paint colors.
How will this save you time and energy, you ask? Well, a consistent, non-obtrusive paint color will always be more appealing to a prospective tenant than say a tie-dyed house. Attract more buyers up front, and quicker, by not being too extravagant with your offering's features.
5) Hire a management company.
The small investment up front can save you hours upon hours in the long haul. If you’re limited on time as it is, turning to a trusted local management company can be the lifeline you’ve been looking for.
To kick your property management efforts into high-gear, give Arlington Realty Property Management a buzz today at 703-836-2525 or email mypropertymgr@gmail.com.
