Property management is a difficult job so how can you make the most of your day? Jarrad Mahon shares some basic strategies for managing your time.
Blogger: Jarrad Mahon, Director, Investors Edge Real Estate
The property managers in our Perth office work hard. As you well know, property management is a deceptively difficult job, especially in a market as competitive as Perth. Consequently, we have to be at our best from the moment we walk into the office until we leave… every minute must count!
Here is a basic time management strategy that works very well in our office. I hope you find them useful.
If your office is anything like ours, your job as a property manager is complicated. You have to negotiate leases, handle maintenance, communicate with tenants both existing and prospective tenants, inspect properties, collect rents and prepare monthly inspection reports to property owners. In addition, you somehow have to find time for networking and marketing. Meanwhile, your phone is ringing constantly.
It is estimated that the average worker runs at about 60% time efficiency due to a lack of organisation. Imagine how great it would be if you could find a way to take advantage of that other 40%.
A Simple Solution
Believe it or not, you can make yourself up to 40% more efficient just by rearranging your time. This makes you much more productive with less stress and it isn't as hard as you think. Here are the basics.
First, you plan each workday in advance. Obviously, new situations unfold during most workdays, but there is always a plan for what has to be finished by the end of the day.
The most important part is to prioritise tasks and finish the most important ones first. Not only do you have the most energy at the beginning of the day, but it is important to not have the most important task hanging over your head all day. Just do the most important things first and be sure to break large tasks into a series of smaller tasks.
At the end of each day, devote 15 minutes to creating the next day's schedule so you are clear on your priorities and have less chance of coming in and getting distracted.
Return non-urgent telephone calls and emails at mid morning and mid afternoon. Phone calls prioritised as urgent will be answered immediately, but always remember that your daily plan is one phone call or email from being thrown off-kilter. If you encounter a problem that needs immediate attention, handle it right then. If you can delegate it, that's even better.
Reserve the afternoon for out-of-office activities. Property inspections and meetings with vendors, tenants or property owners should be scheduled in a block in the afternoon.
When you are finished with out-of-office tasks, review your day to ensure that you completed all of your tasks and met all of your goals. If you need to reschedule any task or schedule a follow-up appointment, this is the time to do it.
The End Result
Simply having a plan and keeping on task can save as many as three hours a day. That can be difficult at first, as old habits are hard to break, but it is more than worth the initial investment adjustment and self-discipline.
If you learn to stick to a schedule, you will accomplish far more than you can by completing random tasks in a haphazard way. Our own property managers have discovered that, especially in Perth, it is much better to control your schedule than to have it control you.
Jarrad Mahon is an experienced and passionate property investor, real estate agency owner and the "go to" for Perth property investment insights and practical strategies wealth growth in today’s market.
Over the last seven years he has used his engineering background to build and refine WA’s most award-winning property management business with a unique investor mindset.
Jarrad thrives on helping hundreds of clients every year to get the best property returns while avoiding costly mistakes. He has learned by investing all around Australia and using a variety of value-adding strategies.
Jarrad has recently been named in the 'top 40 business owners and entrepreneurs in WA under the age of 40' and he is a regular contributor to a variety of property investment and industry magazines.