The Ten Basic Time Management Skills Every Landlord and Property Manager Should Practice

In the property market, time is of the essence, and for landlords and property managers, not having enough time can mean the difference between saving money or losing valuable income on mundane activities and tasks.

By some estimates, landlords and property managers spend roughly four hours per month on maintenance and repairs per property. On average, this calculates to more than 48 hours per year landlords and property managers will speed up the day-to-day operations of an individual property.

According to some industry standards, less experienced landlords can comfortably manage one or three rental properties. More seasoned property managers can manage up to 50 or even 100 properties at any one time.

While there isn’t necessarily a limit to how many properties one person or team can comfortably manage, proper planning and scheduling are key to navigating any unexpected problems and keeping a hand on everything before the wheels completely fall off.

Whether you’re a seasoned property manager with years of experience or recently purchased your first rental property, knowing basic time management skills can be key to your long-term success as a landlord.

Time Management Techniques for Landlords and Property Managers

Any working professional should have a firm understanding of how to manage their time properly. This allows them to prioritize important tasks and comfortably complete as many functions as their schedules allow.

Identify priority tasks

As with anything, start by asking yourself which tasks or activities should take priority above others. Finding suitable tenants, doing background checks, and maintaining their property might be a top priority for someone new to the industry.

Start by listing all the tasks that need to be completed and organizing them from most urgent to least important. By doing this, you’ll not only save time for yourself but also identify the important tasks you need to complete before moving on to something else.

One key way to ensure you are prioritizing the most important things first is to consider the near-term goals or outcomes of each property. Each property’s needs might be different, and this will always change depending on its seasonality. Make sure to have your property goals in line of sight to guide you through the process.

Take on the hardest task first

The property game can become extremely overwhelming, and although you have some extra time on your hands right now, leaving the most challenging task to the very last minute is a sure way to shoot yourself in the foot.

There are plenty of reasons why you should start by tackling the most difficult or time-consuming task on your list first before moving on to something else. Though the research surrounding whether people complete more difficult tasks first is still somewhat murky, researchers have found that assigning a level of urgency to tasks can help by getting the biggest roadblocks out of the way first.

Instead of putting bigger tasks off until the very end, assigning each task a level of urgency and allowing yourself enough time to complete or rework something will help lighten your burden and allow you more time in your schedule to get other things done.

Get organized with a digital calendar

There’s no way around using a digital calendar for everything you do in your daily life. As a property manager, you’re most likely working on several properties and projects simultaneously. Having a calendar where you can see your projects and tasks lined up will help keep things organized as you go about your day.

For beginner landlords who still have a full-time job and manage their rental properties, using a digital calendar can help keep you up to date about any important tasks that may require your attention in the near future.

A digital calendar can be a smart way to organize your daily and professional life. Using a digital calendar makes things easier because:

• You can customize your calendar to your needs.
• Digital calendars are versatile and easy to use.
• Different team members can use the same calendar at once.
• Different software tools can accompany a digital calendar.
• Making changes to events is easy.
• Everything can be stored in one central location and accessed at any time.

You might think that having a traditional calendar on your fridge or a notebook by your side is an efficient way to complete all of your tasks. Unfortunately, this might not always be the case, as timelines change and new information is constantly added to your schedule.

Complete a task before moving on

Juggling many balls at once is a sure way to make a mistake. Being a super multitasker is a fictional skill that you might think you have, but in reality, the case may be different.

In fact, in one study, researchers discovered that just 2.5 percent of people can effectively multitask. That means unless you are part of the small cohort of people who can do multiple things at once, your attempts at multitasking are actually causing bigger problems and only costing you more of your valuable time.

Avoid the stress of doing multiple things at once. Instead, focus on one task at a time and complete it before moving on to the next. This way, you complete each project without making countless errors, which you will most likely need to rectify in the future.

Once you’ve ticked that item off your to-do list, you can be assured that it’s been completed to the best of your ability and that you will unlikely need to spend more time on it in the near future.

Utilize digital software

We’ve mentioned that using a digital calendar can save you a lot of time in your day-to-day scheduling, but this doesn’t end here. Plenty of digital tools are available specifically catered to property managers and landlords.

Getting comfortable with different tools is a smart way to streamline your daily routine, work more efficiently, and complete everything you need to have done without feeling overwhelmed.

Digital technology, including property management, is one of the most effective ways to become more competent and better at your job. Instead of spending countless hours replying to queries, working through dozens of applications, or monitoring payments coming in or going out, you can likely find a software application that can help prepare all these activities and ensure they are done within a desired timeframe.

Being comfortable using technology to its full potential requires unique skills. Fortunately, the days of relying on clunky and outdated technology are behind us, and now you can have everything you need and more under one roof.

Conduct thorough tenant screenings

A big part of renting out any property is finding the right people. Fortunately, the high demand for rental properties has skyrocketed in recent years as cities become increasingly populated and more rural residents move to areas with better standards of living, such as work, schools, and public services.

Renters in major cities across the U.S., Canada, and other parts of the world are fighting an uphill battle to secure a suitable rental.

In New York City, for instance, the net rental , an increase in new residents is causing a severe housing shortage. The vacancy rate was 1.41 percent throughout 2023, the lowest percentage since 1968 and a sharp decline from the 4.54 percent recorded in 2021. Elsewhere population of Toronto in 2024 is projected to reach more than three million.

While there is plenty of demand, ensuring that the correct tenants live in your rental property or perhaps in one of the properties you manage is a crucial part of being a successful landlord.

Blocking off time on your schedule to conduct thorough background checks, including interviews, credit checks, and phoning up their previous landlords, should take priority on your schedule. Don’t rush this part of the process, and instead, make an effort to properly screen every individual before allowing them to sign the lease agreement.

Break down tasks

Some tasks may require more time than others, and this could be the best opportunity to break down specific tasks into smaller activities. This could be important for landlords and property managers that may have multiple properties they are currently overseeing or have a lot of projects on their plate within a tight deadline.

If you feel that some tasks are bigger and more time-consuming, you can break up each task and work your way through each phase according to your schedule.

Let’s say, for example, you’re a new landlord who has to repaint your rental property before new tenants are allowed to move in. While the size of the property and your painting skills could be a barrier, instead, take the time to work your way through the steps by completing each room at a time.

By breaking up more significant tasks into smaller activities, you ensure that each task is completed and that you can move on, knowing that you don’t need to return at a later stage. As a rule, you can apply this skill when your schedule allows you to do so and when you feel overwhelmed with the amount of work that needs to be done.

Compartmentalize smaller tasks

As with breaking down bigger tasks into smaller ones, you can always compartmentalize smaller tasks or similar tasks into a single activity. This can be helpful if you have similar projects lined up and are working with a constrained timeline.

One of the best ways to do this is by assigning each day of the week to a specific group of tasks. For instance, you can use the start of the week to complete administrative tasks, such as sending emails, responding to tenant queries, paying invoices, or checking up with renters.

Other days of the week could be used to complete on-site inspections, conduct maintenance checks, or schedule viewings with prospective tenants. By compartmentalizing your tasks to certain days of the week or even to specific hours, you are systematically organizing your days to be more efficient.

Delegate tasks

When working in a team, delegating tasks to others who might have the bandwidth to assist is possible. This might be more true for property managers who work with a leasing agency or have a team of experts managing a handful of properties.

There may be things you feel you’re not fully equipped to do that might be better suited for someone with that skill set. This is a two-way street, which means that certain tasks can be delegated to you as well.

Only take on the things you feel are manageable and that you are comfortable with. One key way to delegate tasks is to have effective communication among your team members or with the people who might be lending a helping hand.

When delegating, make sure you provide clear instructions, should any be necessary. Remember, there is such a thing as over-communication, and while you might feel that giving the right instructions is important, other professionals or those assisting you might not see it in the same way.

Hire professional help

As with delegating tasks to other team members, you might find that hiring professional help can relieve a lot of your burden and free up a lot of your time. Start by looking at the work that needs to be done and whether it’s within your capacity and skills to complete these tasks without making countless mistakes.

If you feel hiring a team of professionals is more suitable, try to source the right help for the job. As a new landlord, you might feel that working with a leasing agent is more suitable. As a property manager, having a go-to team for all the maintenance and repair work on different properties can ensure that the right set of hands will always get the job done.

As a landlord or property manager, you might be forfeiting a small percentage of your profit from each property. However, it’s better to know that you always have the right people and experienced professionals available should you need their assistance at any given time.

Why Time Management Is Essential For Landlords And Property Managers

There are many reasons why any landlord or property manager should have the appropriate set of time management skills, but here are just a few:

Helps organize important tasks

Time management makes it easier for anyone to properly organize all of their tasks and ensure that their business or operations run smoothly.

Creates a sense of professionalism

Valuing time and organization conveys a sense of professionalism among landlords, property managers, and tenants and ensures professionals can provide proper services.

Effective communication and delegation skills

Knowing what takes priority over other things means that a person can identify tasks beyond their capabilities, and appropriately communicate when they need assistance.

Ability to identify business and success goals

Knowing your long-term plans and business goals will ensure that you are planning for the future and prioritizing the tasks that will help you achieve these goals more effectively.

Proper people and financial management

While people and financial management may be two completely different components of property management they are closely related to proper organizational planning and time management for landlords and property managers looking to achieve their goals and become successful.

Final Take

While being a landlord or property manager can help you earn extra money each month, knowing how to manage your time and organize your schedule is one of the most important parts of the entire process.

Understanding how to manage your time appropriately while using the right digital tools and harnessing a digital calendar will allow you to prioritize all of your work under one umbrella and delegate tasks when you feel you are at capacity.

Effective time management is a skill that every landlord and property manager should learn sooner or later. The better you become at managing your time and your schedule, the easier it will be for your customers and tenants to do business with you.

Featured Image Credit: Photo by Pavel Danilyuk; Pexels

The Ten Basic Time Management Skills Every Landlord and Property Manager Should Practice was originally published on Calendar on August 15, 2024 by Carma Khatib.