Do you ever get exhausted from all the Hats you Wear?

By
Services for Real Estate Pros with Kasteel Property Management - Property Manager DRE# 5495981-PB00

 

*Ring, Ring*

 

"Hello? This is the property manager, Realtor, plumber, accountant, attorney, handyman - speaking”

 

Owning investment property can mean you'll be wearing a lot of hats, but not if you plan on being successful at it.  I come from a "do it yourself" home and have been raised that you work hard to get places in this world.  Those lessons have been valuable in bringing me some successes but there is also a level of working smarter that needs to be mixed into the formula.

 

When I first started investing in real estate I had to decide what my vision of the future was.  I decided I wanted to have as much real estate as I could get my hands on.  To do this I quickly discovered that if I was going to try and "save money" by being my own plumber, accountant, attorney, handyman, Realtor, etc. then time and energy would limit my investing abilities and thus cost me money because of lost opportunity.

 

As I type this I can imagine people thinking things like, "but a property manager can cost me extra money so I'd rather do it myself" or "I can save a lot of money by replacing the water heater myself."  If you are thinking these type of things you have to ask yourself; if you didn't have to do all the work of owning investment properties how big could your portfolio become?  Really, the answer is there is no limit.  It might take time and some other factors can affect the speed of growth but the bigger your portfolio gets the faster it grows.

 

Plus, a good professional saves you more money than they cost you.  For example, I know several people that lost thousands of dollars from mistakes made while managing their own investment property.  I good property manager quickly finds good tenants and quickly resolves problems so your investment can keep running as it should.  If you do it yourself, the delays caused by you taking time away from your job and family to figure out how to resolve a problem and then get it taken care of can quickly add up to being far more expense than the total annual cost of a year or two of paying a property manager.  Especially, if the problem you have run into is a tenant that is not paying.

 

Work it smart and keep it simple by having others take care of the details and you’ll be much happier and more successful.

 

Kasteel Property Management: Protecting Your Investment.

 

Jeff Stinson

801-787-1177

www.kasteelproperty.com

 

 

Comments (30)

Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Sounds like managing your own property works as well as selling it without an agent! 

Feb 22, 2016 08:14 AM
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Good advice, Jeff.   "Opportunity cost."

      I have the tools, experience, and ability to do wiring, plumbing, carpentry, accounting, and so much more.   But my TIME is limited. 

    While that electrician is charging me $125 per hour, or my CPA is billing me $200 per hour, I could be out and about closing a deal that will net me thousands of dollars in commission.

Feb 22, 2016 10:59 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

Great question.

 

Every                single                day

Feb 22, 2016 11:11 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Yes Jeff wearing all those hats can get exhausing, we dont have a mgmt company doing it for us but we do have a good team to wear all the hats.

Feb 22, 2016 12:50 PM
Dan Dee McGinnis The Pumpkin Man
Berkshire Hathaway - Phoenix, AZ
The Pumpkin Man

Jeff

I see why you were featured. NADOTA post.

Feb 22, 2016 03:31 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Yes, sometimes the smart choice is to hire professionals to take care of work so there is energy and time to focus on the more important things.

Feb 22, 2016 07:06 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Sometimes it is best to hire a property manager but it can be difficult finding a good one.

Feb 22, 2016 07:48 PM
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Been there done that...Great advice!!! Thanks for sharing!

It might take time and some other factors can affect the speed of growth but the bigger your portfolio gets the faster it grows.

Feb 22, 2016 07:52 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Jeff Stinson,

Excellent post and glad to see it featured! I agree working smarter needs to be mixed into any formula! I have a motto "I do what I do best..List and Sell..and hire the rest!" I just subscribed to your post, welcome to Active Rain! 

Feb 22, 2016 08:10 PM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Good morning Jeff, great, feature worthy post! Managing a property is a full time job for sure, you're on call for 24hrs a day, 7 days a week. Welcome to ActiveRain!

Feb 22, 2016 09:45 PM
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Jeff,

Basically what it comes down to is weighing all of the options to find out what is the best one.  Sometimes spending a few extra dollars is better than wasting time trying to figure it out.  Leave it to the specialist to do it.  They'll get it done right and for less time.  This way you can do your job and do it right.

Brigita

Feb 22, 2016 09:54 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

To know when to outsource and to whom is a business in itself...

Feb 22, 2016 10:40 PM
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Hiring a property manager to manage your rentals is what makes your properties become true investments vs. just owning another job. 

Feb 22, 2016 10:51 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Good advice, Jeff.  I totally agree.  A good professional is very valuable.     

Feb 22, 2016 11:28 PM
Chris Lima
Atlantic Shores Realty Expertise - Port St Lucie, FL
Local or Global-Allow me to open doors for you.

Great job on this one, Jeff!

Feb 22, 2016 11:59 PM
John Mosier
Realty ONE Group Mountain Desert - Prescott, AZ
Prescott's Patriot Agent 928 533-8142

Thanks, Jeff Stinson.  I think we should consider the "loss opportunity" factor constantly. It is a hidden cost and we are not always aware of it.  

Feb 23, 2016 12:11 AM
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Jeff, I indeed wear many hats and as you say we can't do it all efficently.

Feb 23, 2016 03:31 AM
Kirsten Wolfe
Sun Coast Real Estate - Montecito, CA
Excellent Service, Superior Results

Nice hats - "featured post image" - that's just part of the variety of roles we play - exit stage left! All the best and hope you enjoy all the characters we get to play!

Feb 23, 2016 04:03 AM
Christopher Lotte
Red 1 Realty - Lithopolis, OH
Central Ohio Real Estate Agent, 614-390-9243

Thanks for sharing, Great post Jeff Stinson 

Feb 24, 2016 07:58 PM
Michael Kaim
Berkshire Hathaway HomeServices Professional Realty - Mentor, OH
Real Estate team serving the Cleveland Area

Your post is so interesting Jeff Stinson keep it up...

Feb 25, 2016 07:55 PM