Hey BP community, Do you own anywhere from 1-10 SFH, duplex, triplex, quads or other properties that you manage yourself? If you were gifted an elf that could tackle only one job, what would you have the elf do to reduce your work load the most? • taking maintenance requests • filling maintenance requests • finding new tenants • screening new tenants • showing properties • collecting rent Just to mention a few but not limited to those of course.

We own and manage all of our residential rental homes (four SFRs, two duplexes and one 8-plex.) Most of our 16 rental units are occupied by long-term tenants and turn-over is low. So our greatest time consuming activity is arranging for and conducting periodic maintenance inspections. If I had a magic elf to help us out, I would put them on the task of driving by each property once a month for exterior observation and would have them do on-site visits each season, with a checklist of maintenance items. They would change furnace filters as needed and keep an eye out for rental agreement violations. So they would be knowledgeable of the terms of our rental agreement and would report to us if they observed anything that was a problem. They would not address non-compliance issues with the tenants, as I would handle that myself as the property manager. Prior to Winter the elf would check weatherstrips on doors and windows, install weatherizing faucet covers and storm windows, disconnect garden hoses, disconnect air conditioners, and put them away. Then would do the reverse post Winter and check the condition of the window and door screens as well. The elf would call each tenant to negotiate a good time for the on-site maintenance inspections, set the appointments, and post a legal "Notice to Enter" if necessary. At our 8-plex, once a week, the elf would clean the coin-op laundry room and wipe down the w/d machines, walk the premises to check on the tidiness of the grounds, check on the proper use of our garbage dumpster/recycle bins, and water the flower beds, shrubs and landscaping as needed. I would reserve my time and expertise for business financials, for nurturing the tenant-landlord relationship, and also for tenant move-ins and move-outs: advertising, screening, interviewing, showing, contracting, new tenant orientation, etc. My husband would reserve his time for coordinating the services of trades people as necessary for turnovers and upkeep, and demonstrating the use of facilities and appliances as necessary upon tenant move-in. He would also continue to keep an eye on property values and associated taxes, appealing them when necessary.

@Joseph Sherer I agree with @Michael Barbari. Finding and screening tenants is the most tedious part, however, if done correctly, solves most of your other issues. My favorite activity is collecting rent - the 1st is always the best day of the month! -Christopher

For whatever reason, about once a month I get a call from one of my tenants and there is no real (real estate) point to the call, its just them wanting to talk. I've got to hear about all sorts of stuff, lines on basketball games, family issues, boyfriend issues, children's achievements, etc. Needless to say, none of this interests me at all, however, I used to manage a large number of folks at a corporation and I learned at a young age that how much your employees like you can drastically affect how hard the work for you. Transferring this knowledge over to my real estate empire, how much your tenants like you can drastically affect how easy (or hard) they make your life. So far, I'm six months into my landlording experiment here in Las Vegas and haven't had any issues with my tenants. They all pay on time, I've had very few maintenance calls, and overall its been a very positive experience. -Christopher

Bake me some of those soft and chewy chocolate chip cookies!

I hired an elf--and let me tell you it is fantastic! It started with hiring someone to do some direct marketing. Then they ran some errands for me. When I realized how much it was worth paying an elf to do those little things for me I switched to someone else--a woman who worked for a property manager and could do background checks. She shows properties, screens tenants, collects rent on occasion, cleans houses, runs paperwork errands, meets vendors at properties, etc. I have a full-time job, a wife and kids. I don't have time to do all these little things. I "self-manage" but outsource all these items. It is still MUCH cheaper than hiring a management company. In addition I have handy-men contacts and contractors who do work for me. You'll pay a bit of a premium for small jobs but it is well worth it. Now, I get a call or complaint, or have an issue, I just call one of my elves.

@Joseph Sherer Well, I have 5 properties so I don't screen tenants every month. When I do, I probably spend 8 hours total, between advertising, showing the place, reviewing applications, follow ups, and lease signings. For ongoing activities, I'd say on the average month I probably spend: • 1.5 Hours Collecting and Processing Rent • 1.5 Hours General Accounting • 4.0 Hours Maintenance • 1.0 Hours Socializing w/Tenants So, Given I actually work about 8 hours a month for reoccurring activities and 8 hours a month when I need to find a new tenant, If I need to do that once per year per apartment, I would be allocating about 42% of my time. I should note that this is only a ballpark, two of my places signed two year leases, so even if they don't renew, I won't need to replace them next year. -Christopher

The elf would do my quarterly scheduled maintenance and inspections. Maybe he could slip in and out without the tenants even knowing he was there.

I'd have the elf do my day job so I could still have the income and found us on my properties.... maintenance is the most time consuming for me because of my capital improvement schedule.

@Joseph Sherer thanks for starting this post. Very useful information for those who are thinking of self-managing multiple rental properties.

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Updated over 9 years ago on 07/20/2015. Most recent reply

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Joseph ShererPoster

Investor
Nashville, TN

General Landlording & Rental Properties

MAGIC ELF? Property owners-managers with fewer than 10 units: what would you do with a magical elf?

Joseph ShererPoster

Investor
Nashville, TN

Posted July 15, 2015 12:05

Hey BP community,

Do you own anywhere from 1-10 SFH, duplex, triplex, quads or other properties that you manage yourself? If you were gifted an elf that could tackle only one job, what would you have the elf do to reduce your work load the most?

taking maintenance requests
filling maintenance requests
finding new tenants
screening new tenants
showing properties
collecting rent

Just to mention a few but not limited to those of course.

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Linda Weygant

Investor and CPA
Arvada, CO

Linda Weygant

Investor and CPA
Arvada, CO

Replied July 15, 2015 12:47

If I had an elf, I'd have him/her do my personal stuff so that I could focus on the rentals. Folding laundry, scrubbing toilets, vacuuming, cooking, lawn mowing at my house (which I hate) so I can show property, do repairs and paint at my rentals (which I really like).

Linda Weygant

Podcast Guest on Show #244

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