Managing investment properties might be an overwhelming experience sometimes, but don’t let the commitment it takes be an obstacle in the path towards becoming a landlord. Gaining another stream of income while being your own boss is worth the effort it takes.
Avail estimates that the number of DIY landlords is around 8 million as of 2017. Another source states that there are between 10 and 12 million landlords across the country, and the number is likely to grow in the upcoming future.
If you’re about to join the ranks of DIY landlords, you’re probably wondering how to master the balance between personal life and work. At the same time, those who already manage a couple of rentals are constantly searching for effective ways to boost their productivity, fill vacancies instantly, and be available for their tenants 24/7.
In order not to fall into the trap of working long hours and disrupting the delicate work-life balance, let’s review the most effective techniques and tools to help you tackle the work routine.
Deep Work
The main idea of deep work is the ability to focus on difficult cognitive tasks and resolve one task at a time. Deep work often focuses on getting your work done before it needs to be, which can be hard for chronic procrastinators. Deep work activities require mindfulness and full concentration.
The opposite category is shallow work that doesn’t need so much focus and effort. To master this strategy you’ll need to break down your to-do list into these categories. You don’t necessarily have to eliminate distractions while performing shallow work, but it’s better to snooze notifications and social media even when answering regular emails. Thus, you’ll get more time for deep work activities.
Overall, deep work means working smarter, not harder.
For DIY landlords, implementing this skill results in better relationships with the tenants and more organized business processes.
Tip: Find out when you’re the most productive throughout the day and perform the most important tasks during that time.
Time Theming
Time theming is a great technique to implement for landlords who work from home. Because the line blurred line between “work” and “home” might make you feel anxious at the end of the day, try to adopt time theming to better deal with your own work schedule.
Here’s how it works: every Monday, for instance, dedicate time for planning and strategic tasks; Tuesday and Wednesday is the best time for deep work; on Thursday reach out to your tenants and check on how they’re doing (maybe not every Thursday…but you get the idea); Friday is the ideal day to wrap up any projects; Saturday can be themed “fun day” and maybe Sunday is for family.
You can also plan for busy weeks, like rent week, to make sure that last-minute maintenance requests don’t catch you off guard.
Property Management Systems
The advantage of using a property management software system is that it gives you a sense of control over your rental business and allows you to automate most of your daily tasks to optimize your work schedule. That’s why landlords who use a management tool save about 8 hours per month on rental tasks.
What does a solid property management software offer?
- Built-in accounting helps to better deal with financial transactions from rent payments to security deposits.
- With automated invoicing your tenants won’t miss any payments as they will be sent invoicing for upcoming transactions.
- Maintenance management makes it convenient to resolve maintenance issues and monitor the progress of work orders.
- With lease agreement management, you can customize the rental documents, keep them in one place and share with your tenants.
- Mobile app helps you manage rental properties from anywhere.
Take a look at this list of 7 Best Property Management Tools and the features they offer.
Organization Apps
By sticking to a perfectly organized work schedule, you’re likely to meet deadlines and collect rent payments on time. But even with the most efficient time management techniques, it’s sometimes challenging to manage the daily workload and not to miss minor tasks. In this case, an organization app is the way to go! Designed specifically for simplifying your life and boosting your productivity, organization apps are a must-have in 2020. From apps that manage to-do lists to apps that block out distractions, an arsenal of productivity tools are at your fingertips.
Here’s the list of 15 Best Organization Apps you can try right now.
What’s your approach towards creating an effective work schedule? Any helpful techniques or tools?
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