The workaholic in you may disagree, but according to writer Steve Maraboli, “Nothing is worth poisoning yourself into stress, anxiety, and fear.” Not even properties.
Considering the effects stress has on the body and behavior, you may want to heed Mr. Maraboli’s sentiment. Undue stress negatively affects your judgment as well, so an investment in de-stressing is an investment in your business!
You may be thinking, "Alright, smart guy—how do you expect me to relax when I'm running an entire business alone?" There's no doubt you're a professional—or you wouldn't have made it this far with your portfolio. However, hiring a Richmond property manager is the first step to the self-care you deserve!
For One Thing, You Save Time
No matter how many times people hear the phrase, “Time is money,” it remains one of the least-valued truisms in the English lexicon.
The value of saving time is perhaps most tangible when it comes to your property investment portfolio. The time you spend trying to handle issues that pop up from day to day could be spent:
- Evaluating future deals
- Solidifying important partnerships
- Strategizing ways to expand your portfolio
- Expanding your education about profitable real estate investments.
All of these efforts can pay big dividends—both in the short and long term. However, if you’re always moving from fire to fire, you may not have time to capitalize on these important opportunities.
On the other hand, with a Richmond property manager on your side, you can set more time aside to focus on lateral expansion, vertical growth, and the overall improvement of your real estate portfolio. Let your property management partner care for the daily concerns of your real estate investment portfolio!
- Late-night maintenance calls become a distant memory. If you have children, you know it's already hard enough getting enough sleep! Your property manager will tackle these from now on.
- What about the "personal touch" you used to apply to your portfolio? Moments where you could have improved a tenant’s experience were lost in the shuffle. With property management, tenant relationships are a breeze.
- It's hard to write a listing, professionally photograph a property, and get it out there for the world to see—especially when you need to be downtown for a business meeting! Relax: your property manager can handle this one, too.
You've grown your property portfolio this far: it's time to treat yourself to a level of service you never thought possible!
Less Work = Less Stress, Too
Even the most die-hard investor can only handle so much work at once. When things seem to be “under control,” your body and mind are still affected by the stress of yesterday.
In fact, 43% of adults suffer negative health effects due to stress alone. When you don’t have to struggle to solve as many problems, find solutions to pressing issues with your properties or respond to streams of phone calls and texts, some of the burden is lifted. As a result, you can experience fewer headaches. When you have less stress, you can nurture better relationships with those who matter the most; this applies to both your personal and business life.
After hiring a Richmond property manager, if you choose to interact with tenants, you can do so from a place of freedom rather than dread. Tenants can read body language as well as anyone else: having a shield between you and your interactions with tenants can be a relief. With a property manager handling the bulk of your workload, you can face that next business deal with confidence. A stress-free life pays its own dividends at home, too.
Maximize your property manager's usefulness for your real estate portfolio by trying the following:
- Make a list of the elements of property management that cause the most anxiety
- Make another list of the things that take up the most time
- Make a list of the things you enjoy the most
- Make another list of what you could do with the extra time a property manager could afford you
- Bring the lists with you when you meet with your prospective property manager.
This can set the stage for an honest, clear conversation about your goals when hiring someone to safeguard your assets. The last thing you need is to worry about the partnership that's supposed to nix your stress!
Help From the Pros When You Need It Most
While there are some things you can handle very well, there are others you may be better off outsourcing. You wouldn't have a growing portfolio if you couldn't do the work: but should you have to?
A great example of this is the process of preparing your rentals for occupancy. Once you've gone through the gauntlet of finding, screening, and placing the right tenant, you have to make sure your Richmond rental is ready for move-in day. This is already a considerable amount of work for one property—let alone multiple properties!
If you’re ready to see the benefits of having a skilled Richmond property manager on your side, download our free Make-Ready Checklist! This free guide will give you an inside look at what Mission Realty Property Management checks for when preparing a property for its next tenant. It's also an invaluable resource if you choose to DIY.