Time is on your side with the help you need to professionally manage your rental property.
Optimizing your time is a critical part of being a successful rental property manager. The list of daily, weekly, and monthly tasks involved are not individually challenging, but as a whole can use up more of your time than you may realize.
If you have invested wisely and you’re enjoying a good ROI on your rental property, that’s an enviable accomplishment. But as your investments have flourished, the amount of time spent managing them has also grown in volume and intensity—possibly to the point of overload. Let’s consider how your time is used in managing and maintaining your property on your own.
Managing Your Time and Your Property
Let’s say you spend roughly 4-6 hours per month per rental property. That means you spend about 48-72 hours per year for the day-to-day management and operations for one property. You also spend time on leasing, finding tenants, and turnover. It’s not uncommon to spend 3, 4, even 5 weeks out of every year on DIY rental property management.
A recent national survey revealed some interesting data on property management by owners.
- Survey respondents reported spending approximately 49 hours every year on various aspects of management including filling vacancies, reviewing credit and background checks, move-in coordination, tax preparation and maintenance, for example.
- One third of the respondents dealt with maintenance and repair requests that took an average of 17-20 hours to resolve each request.
- Fewer than one-third of respondents described spending adequate amounts of time on every step of the leasing process. Some did not conduct criminal background checks or contact previous landlords for references, increasing the risk of renting to unqualified tenants. By not properly documenting the condition of the property before move-in, there is a greater chance of security deposit disputes when a tenant moves out.
It’s a rewarding experience to have your property investments provide the ROI you want, even if it takes a little longer than you hoped. What you may not have factored into the equation is the amount of your personal time and energy it requires to keep happy tenants and property maintenance up to scale.
That’s when you know that it’s time to contact Cousin James Management, the family-owned and operated, professional property management company that’s well-known and respected
There are countless reasons to hire a property manager instead of trying to do it all yourself. But, first, be sure to choose the best. Not all property managers are created equal.
Cousin James Management has been helping property owners and real estate investors throughout Dallas/Fort Worth for more than 25 years. Helping our customers achieve their property investment goals is important to us and we work diligently for your satisfaction.Make the decision to enjoy your rental property investments more and let the property management pros take care of the rest. Contact Cousin James Management today to discuss what we can do for you. We are always here to help!