Biggest time-wasters while managing properties

[Rajan Saini]

Just getting into real estate and trying to prepare myself time-wise. What are some tedious things that come up while managing properties and tenants? What turned out to be the worst? For example, paperwork, inspections, managing third parties, etc. The paperwork, for one, seems pretty daunting, but I'm not sure. 

[Nathan Gesner]

You'll waste a lot of time answering questions unless you nail down some specific policies. Have a written policy on how to apply. When someone asks, send them the policy instead of spending 30 minutes on the phone with someone that may not even bother applying. Tenant is paying rent ten days late and wants you to waive the late fee? Send them the policy and take all the emotions out of the mix. They want to break their lease early? Send them the policy. 

The more you can get in writing and prepare in advance, the less time you'll waste trying to figure things out on the fly with a tenant trying to manipulate you into violating your policy.