Do you have the TIME to manage your Rental Property?

There is a compelling statistic about the American workforce that many of you are probably aware of, and more certainly have experienced. Although technology affords us more efficiencies, we are working harder and more hours than ever before. There are many stunning facts to prove this point, but the bottom line is Americans are the most overworked workforce in the world with 86% of us working more than the 40 hours a week we are paid for.

For most of us working has become a time-taxing experience. And, the more time we spend working, the less time we have for our families, playtime, and everything else that brings joy to our lives.

During my career as a property manager I have been the posterchild for this misaligned way of life. In fact, my experiences in this realm were necessary to the clarity I now have about what is truly important to me, and the boundaries I have defined in order to enjoy balance in my life.

The fact is that work is only one part of our lives. Today's fast-paced society forces us to resolve how to do so much in the precious 24 hours that we have each day. I have leveraged technology in my property management business to navigate through these challenges and to afford a balanced life. It has been a challenge guiding Keyrenter Silicon Valley to the business that it is today, and of course it is a lifelong project, always perfecting the moving parts. This is also one of the things I love most about what I do...ever-improving Keyrenter Silicon Valley and the rental property businesses that it manages.

With all that said, I have no idea how someone who works full-time - hopefully doing something they love and are passionate about - can manage one of the most important assets in their portfolio, their rental property, along with everything else that is important in their life.

"Time management" is fierce in the 21st-century and I would argue is no longer a relevant concept. The champions of "time management" do not manage their time per se, they delegate it to their trusted and effective team. They understand that one cannot do everything or even several things at the same time...that is a myth. You must choose what is most important to you and manage the team who is manifesting your vision.

If you are a rental property owner the right property manager must be part of your team. If you own rental property and feel strongly they you - for whatever reason - must manage your own property, please ask yourself the question... do you really have the time to manage your property effectively while avoiding the pitfalls, trouble and headaches?

Is your time more valuable doing the other things that matter in your life than property management activities? Are you ok with being on call during the day, nights, weekends, holidays, while on vacation, and every other possible moment in your life? Are you going to be available to see an eviction through from beginning to end if necessary? Are you able to complete property inspections effectively? Can you actively and properly market to your potential tenants, screen them effectively, and manage them at a high level going forward so that they stay for years? These are only a few of the plethora of time related questions you need to consider.

Steve Jobs once said "the most precious resource we all have is time". When you are in the twilight of your life will you be reflecting and thinking, "I am so glad I spent my time managing my rental property" or will you feel regret that you did not spend it with someone or something more?

More insights can be found at my complete list of the 10 Questions Every Owner must ask themselves. Thank you for spending some time with me.

by Chapin Hemphill
Owner Operator of Keyrenter Silicon Valley
Campbell, CA