How much is your time worth?
One simple equation is to take your annual income and divide it down to the month then days and hours. If your hourly rate is $25.00, multiply that by an average of 32-96 hours per month for a small building when it comes to addressing the variety of issues associated with managing your building. Now factor the time it would take to be familiarized with all the laws and regulations you would have to know in order to be in compliance with federal government and local state agencies.
“Owning rental property is a serious business and should be treated as one.”
Many rental property owners have another business or are employed full time. A profitable and successful business requires your full attention. This is where the right property manager steps in. Landmark has the professional qualifications and experienced personnel who have an in-depth knowledge in the laws, regulations and codes applicable to managing your property. This is very important when considering your property is one of the biggest investments you will make in your life.
Do you really want to take the time to oversee maintenance issues, market your property, interview potential renters, run the proper background checks and keep up with your tenants’ constant wants and appeasing them?
Time is a valuable asset to everyone. If you add up the hours spent on doing all these things yourself, coupled with the equation of what your time is worth to you by the hour, month or year, only you can determine if your time is better spent on other things.