The real estate market in late 2021 is still booming, but it’s largely still a seller’s market. And while this is great for the real estate business (and for eager seller’s), some property managers are having a hard time trying to keep up.
But what about those property managers who also act as primary contractors? Well, it’s a busy life to say the least, especially now.
Contractors don’t typically manage properties. But you’d be surprised to learn that many of those just starting out in the real estate world are doubling as property manager and primary contractor. And in many ways this can be of great benefit because you’re the one performing the maintenance, purchasing new properties, and building new homes.
So what are the tools that you’ll need to have to be successful as both a property manager and a contractor? The following post will give you the answers.
As a property manager, you’re mostly sitting in an office for most of the day. But when you also double as a contractor, your office time is going to be fairly limited. As such, you’ll also need to have adequate transportation and tools to perform all of your duties.
Being a property manager, you’re going to want to maintain a professional appearance at all times. And though you’d probably like to drive up to the job site in your BMW while wearing a suit and tie, this probably isn’t the most practical approach.
Thankfully, you can rent a professional work truck so you can bring all of your tools to the job site, while still looking distinguished. But you’ll probably want to leave your suit and tie back at the office.
Additionally, renting a work truck with a towing package is also an option for larger jobs where you need to transport heavy equipment and tools.
While it’s easy to imagine the daily life of a busy contractor, being both a contractor and a property manager can have you burning your candle at both ends if you’re not careful.
So how do you avoid complete burnout? The answer is by developing your time management skills.
Time management is one of the many soft-skills that all trades require. For example, if you wake up at 9am and want to go to bed by 10, you literally have 13 hours in the day to play with. But it’s how to most wisely utilize those 13 hours that matter the most.
Time management is sometimes best accomplished by developing a strict schedule. And by adhering to that schedule. Though there will be times where things just “happen,” you’ll be better prepared to organize and reprioritize your time if you have allotted time set aside for each task.
Basically, if you’re on the job site, you also need to be available to take calls at certain times, and to show properties or handle accounts. Developing a system to execute these tasks is going to be your best strategy.
The last thing you’ll want to do if you’re a property manager and a contractor is to spread yourself too thin. Though you might be able to handle a heavy workload, you also need to set aside time for yourself, and to decompress after a full day’s work.
Hiring an office manager might just be the best foot forward when it comes to managing your properties and performing contract work.
Additionally, hiring help on the job site is also a great strategy because you’ll be able to get much more done. And you won’t feel like you have to do it all, which can become overwhelming after a long period of time.
It is possible to both manage properties and have a contracting business. But you’ll have to really put your nose to the grindstone to make this work. And it will be worth it in the end when you’re able to sell your wonderful properties and pad your bank account.