Investing in home rentals has proven to be a well-chosen source of passive income. With that rent check, however, also comes responsibilities. Add them to a schedule already filled with your day job, civic commitments, and time with family and friends, and life can get hectic. Learning to manage your time well is no longer something to just talk about – it’s an essential. Here are some tips to give you a jumpstart.
The Starting Gate
Audit yourself – A big block to improving your time management is recognizing where you’re losing time. Spend the next ten days recording everything you do in 30-minute increments. You may be shocked to discover how much time you’ waste.’ Once you have an overview of what needs cut down, or even out, and what needs more structure, it will help you strategize.
The Strategy
Make a list – Include everything you are ultimately responsible for getting done, as well as the stuff you wish you had time to do. Making a list puts tasks where you can see them. Lists can be great motivators – our human nature loves both the challenge a list evokes and the sense of accomplishment that comes when we ‘cross off’ a task.
Evaluate – Divide your tasks into four groups.
Tasks you need to own, delegate, hire a professional to do, and turn down.
Now focus only on tasks you need to own and prioritize. As you prioritize, ask yourself these questions:
- Which projects will require multiple work times? Divide them into doable steps.
- Which projects demand the most concentration and energy? Assign them to your peak energy times.
- Which tasks are similar? Group them together
- Which tasks tend to be urgent interrupters? Create a consistent response plan.
Make a schedule – based on your list. An accurate estimation of the time required is essential, but don’t stress about it. You will continue to improve in your ability to discern this factor. Setting a time limit can be a great motivator.
Leave a buffer-time between tasks – Having time to wind down, switch gears, evaluate the completed tasks and prepare to move on to the next is critical to your overall wellbeing, which in turn enables you to accomplish everything you must do. We need time to clear our minds and rejuvenate to be the most effective.
Find a balance between what’s urgent and what’s important – Urgent happens, of course, and we need to deal with it, but don’t let it control you.
Skip multitasking when you need to focus – That includes putting your phone on silent when something requires 100% attention. Remaining fully engaged in the task at hand enables you to do it better and more efficiently.
Aim for excellence, rather than perfection – perfection is impossible; it fuels stress and causes ulcers. It removes the joy we want to find in our work and life. On the other hand, excellence is rewarding. It makes us feel good about ourselves and builds confidence. It makes our customers come back.
The Delegation
No, you don’t have to be a superstar. In fact, you’ll do what you do, more proficiently if you do what you must do and delegate the rest. If someone else can do it, pass it on. Tell them what you expect and then step back and let go. If you micromanage, you aren’t delegating. Learning to delegate is a vital key to a timesaving, stress-reducing, game plan.
The Professional Hire
Known when to hire a professional. They can do it better and faster while you shine in your arena. For example, let’s say the roof on your rental needs replaced. Hire your local roofing company. They have the skills and experience, the tools and equipment, and the crew. Do what you do best and turn the roofing over. Believe us; you’ll save in the end.
The Turn-down
No may be a small word, but it packs a big punch. Learn when and how to use it. No, I cannot serve on such ‘n’ such committee. No, I can’t coach the Little League team this year. No, I can’t take on another responsibility – I’m spending time with family and friends and improving my level of self-care. Be aware of what you need to own, delegate, or hire and focus on those things. Saying no to the rest will enable you to create value.
Whether you own one rental property or many, consider contracting with a property management company – we mean Rentals America, of course. You can free up your schedule and sleep peacefully tonight while we take care of everything for you. We treat your home as our own. We offer a wide range of property management services to fit your needs as a landlord or homeowner. We tailor our services to ensure that you have the highest level of service for your home. Contact us today.
