Many landlords, particularly accidental landlords, think they should do everything about the business themselves. They think that because they are capable of doing it, they should be the ones to market the property, interview applicants, perform tenant screening, get the lease signed, and take care of any maintenance issues or problems that arise with tenants and/or the property. That’s a long list of chores for someone who might have another job (plus a family, private life and home of their own!).
It’s understandable that you want to save as much money as you can by not hiring someone else to do what you can do yourself. After all, you’re in this business to make money, so you want to position your business endeavor to be as profitable as possible, and that means saving money, not spending it.
But keep in mind that your time is valuable too, and when your schedule becomes jammed with an endless “to do” list, you become your business’s own bottleneck, impeding the flow of work — and, therefore, also the flow of money — simply because there’s too much to do and only one person to do it.
As the head of your business, your most important job is to delegate. You should spend your time doing only what will increase profits. That includes shaping the business’s future and bringing in more money. If you’re spending valuable time fixing leaky faucets and making photocopies of signed leases, then you’re not spending all your time increasing profits. Don’t short-change yourself: Hire qualified people who can help you with maintenance and repair issues, keep track of paperwork, and conduct background checks and credit checks on tenant applicants. Your ‘to do’ list will thank you!
http://www.alwaysscreen.com/
