Time: the Missing Link in Property Management
The American dream of owning a nice home (or condo) with a white picket fence has changed over the years. The current morph looks something like this: owning a few properties with the tenants covering the mortgage by way of rent payments, leaving the owner free to pursue other wealth-generating activities. This new version of the dream is slightly more expensive based on the time needed to care for and maintain multiple properties, while also increasing value and communicating with tenants—a bit more than a weekend afternoon out in the garden or straightening up around the house.
There are simple ways to increase your property value, but simple only matters if the time investment is available. Time is the missing link… the investment on the investment.
Time is money
Many first-time or inexperienced landlords can get caught up spending way more time than the investment may reasonably allow or even call for. These are called “smart people mistakes” and everyone on the path to financial success is both susceptible and prone to making them: Taking on too much alone, rushing through projects to save time, and cutting corners on projects to save money.
Making some or all of these mistakes can result in shabby looking improvements. In the worst case, that can actually cause depreciation of your property value. In the best case, you can end up attracting tenants that also operate like that. If property ownership is the shortcut to accomplishing your financial dreams, don’t try to shortcut the shortcut.
“You can always make another dollar…”
Experienced property owners know that having a Chicago property management company manage their property and handle all the “simple steps” will afford them a lot more time and only marginally affect their real estate profitability. The right property management company in Chicago will take care of the three simple ways to increase your property’s value for you!
Applying all the great advice found on the internet and even in motivational talks takes time. The simple steps that will add value to your property take time to execute. Even if you want someone else to take care of all the simple steps for you, it takes time to find the right person or people to do the work, supervise the work, ensure the work is done correctly and with your property value in mind.
“… but you can’t make another minute.”
Time is a precious and expensive commodity. When you begin taking time away from your core business to manage your own property, it can cause frustration. At some point, some folks may begin to wonder if rental properties are even worth the aggravation.
Before you get too frustrated and stick a for sale sign in the front yard, consider using Lofty, the real estate management company in Chicago that has the experience to effectively manage your property and free up your time.
Experienced, Professional Partners
Here at Lofty, we take pride in developing a reputation of excellence. This means your tenants are treated with the utmost respect and care to ensure our service does not reflect poorly on you, the owner. Our automated systems track every request, phone conversation and email so we can succinctly and accurately inform you of the happenings.
You likely have enough on your plate, trying to find time for home improvements that can increase your property value is likely not something that you can find time for. Does that mean that your property does not need to have these simple improvements done? No! it means that it is time to get some help on board from a property management company in Chicago that is experienced and has a contact list full of vetted, reliable vendors ready to serve.
Like any other business, the rental property business is one where you need to reinvest to keep it humming along and know when you need assistance to ensure success.
Turning over your property to the professionals at Lofty will mean more free time, less worry, and a better maintained property. It is simply the right choice for most experienced landlords.
Whether you just need to find the right tenants for your investment property, or you want everything managed from top to bottom, live the life you deserve and let Lofty handle the rest.