3 ms·
Are you spending an unreasonable amount of time managing property vs the rent you take in? I spend a max of an hour a month on average on property management.
by turtlebits 4y ago
Are you spending an unreasonable amount of time managing property vs the rent you take in?
I spend a max of an hour a month on average on property management. Find good tenants (reduce the rent if you have to). On average my tenants have had 3+ year leases with minimal management.
- throwaway908724 4y agoWe've done significant remodeling between each tenant just to stay competitive with other properties coming on the market. Plus each tenant requests specific improvements for their business, so those need to be negotiated. Then you need to keep a close eye on construction, like every day on site, because it often happens that if the tenant is on-site with the contractors they'll try to get them to do things that you said no to. Finding tenants has taken a significant amount of work as well. There are commercial brokers that act as matchmakers, but you still have to meet with the tenants, walk them through the space, talk about what kinds of modifications they want, figure out if the timelines are compatible, and do a little bit of due diligence. She does quite a few of these where the details don't quite work out because the tenant is looking for a different style of building, easier in-out for the parking, improvements we'd never agree to, etc. The process of transitioning the properties to commercial was also time-consuming. Commercial has entirely different requirements, and upgrading the parking, accessibility, etc. took a lot of time, money, and back-and-forth with the city.