Landlords have so many different things to do to make the business work.
- Preparing the unit to be rented
- Finding tenants
- Screening tenants
- Onboarding tenants
- Managing maintenance and communication
- Handling the finances
Make a list of everything you do for your rental properties—from cleaning to showings … and figure out how much money your time is worth. Consider commute costs, how much you get paid doing other jobs, and any other factors that affect the value of your time to determine how much your hour is worth.
Consider whether special tools or equipment are needed for any of the tasks. What is the cost for those tools?
- How many hours would those tasks take you to complete? Keep in mind, it will take you longer than an expert.
- What is the cost of special tools, equipment, or materials for those tasks?
- What is the going rate for someone to complete those tasks?
Add up the hours it would take for you to complete the task and multiply it by your value per hour. Add in the cost of materials and equipment needed for the task. What is the cost of that task if you complete it?
Now, how much would it cost someone else to complete it? If this number is less than your number, outsource it.
Life is too short to do tasks that take away from doing the things you love. Outsource the landlord responsibilities to a property management firm, like Hershey Real Estate, and you can enjoy doing, and focusing on what makes you happy. Hershey Real Estate has over 25 years of experience in providing property management services to large and small real estate investors.
The end result will be better quality work and you will find more joy in your life. Call us at 717-393-9704 for more information.