When you’re in charge of a property, or a set of properties, you’ll find yourself with a constant backlog of tasks that need to get sorted out, and you’ll sooner or later start to feel the weight coming down on you. You shouldn’t try to do everything yourself – that will quickly doom you to failure, no matter how determined you may be – but on the other hand, you should also not fall for the trap of offloading all of your work to external contractors. The key is to find the right balance and stick to that level of involvement.
There will be various small things for you to handle on a regular basis, and it’s not a bad idea to get them done yourself in most cases. It’s not only cost-effective, but it will also help you build a nice relationship with your tenants, and they’ll see you as a more responsible landlord or property manager. Plus, all buildings have their own small quirks that only people truly involved with them are aware of, and you might actually be in a position to get these tasks done better than a professional in some cases.
Installation and Maintenance of Important Systems
If you’re planning to install any system of real importance in your buildings, that’s probably something you should leave to the right professionals. Sprinkler engineers get paid so well for a reason – they need to understand a lot to get their jobs done right, and there are many hidden factors to the work of this type of professional that are not immediately obvious. If you don’t want to risk finding yourself in a lot of trouble, it’s a good idea to spend the extra cash on someone who knows what they’re doing. Security, electrical installations, and plumbing are other common examples of this.
You might also want to have some on-site services for your tenants. Some buildings even have a local office for things like resolving issues and paying rent. This can go a long way towards getting on your tenants’ good side, and it’s one of the things where you’ll have to decide for yourself whether you want to do it on your own or not. Both options are possible, and both can work equally well, depending on your schedule, experience, and other factors. If you live too far away though, or if you have too much to do on a daily basis, it might make more sense to bring someone on board.
With enough time, you’ll start to get the hang of this, and you’ll get a good sense of what deserves your direct attention and what can be outsourced to others. This is part of managing your properties successfully, and it’s a skill that can take a long time to master if you’re new to the game. But once you get there, it will be well worth the effort and will make things much easier for you in the long run, especially if you start expanding your business.