It makes sense why you decided not hire a property management company when you started building your business a few years ago. Chances are it was the right move and time along with your success have done nothing to make you second guess that you made the right call.
…At the time.
But there’s a good chance that may not be the same answer you arrive at today. It’s all possible you missed how different your life looks compared to when you started.
One San Diego Property management company suggests that you stop and take a fresh look at your situation, along with all the factors which may have evolved along the way. Without you noticing, a number of aspects of your life may not make as much sense as they did when you made the choice to manage everything yourself.
A few things worth considering might include:
Where do you Live?
It’s not surprising to realize most people who decide to get involved with real estate over as a career, make upward moves. The home or apartment they start in can change dramatically from where they are just a few years later.
You may have even started out living in one of the units you had available. Not only was the rent cost right, but the closeness to your property made self-managing not only cost effective, but time efficient as well.
But stop and ask yourself if that still holds true today. Consider where you live, and ask yourself if the time needed to invest in keeping a close and consistent eye on your holdings. Is it even feasible for you to be able to respond quickly to any needs or urgent concerns of your renters?
Competing Responsibilities & Interests
Location isn’t the only thing likely to have evolved over the course of your growth and success. Usually more business equates to more responsibilities and less time. Meaning even if you still lived across the street or next door to the property in question, you don’t have the time or inclination to spend a lot of your time in the long list of duties associated with being a landlord.
And that’s only considering the business aspect of your life. There’s also the recreational side of life.
Since your first days until now you may have developed and nurtured a love for some hobby or recently discovered new passion. If not, you should. Anything from camping out to boating to mountain climbing to anything else that needs time and money you would have available if you didn’t find your daily schedule loaded down with things you have no interest or love for continuing.
Financial Restraint vs Financial Freedom
Part of the natural circle of the normal financial life is the normal growth of money and resources as we age and gain insight, add experience, and accumulate wealth.
It’s likely more than a few years invested on real estate has led you to a position of financial freedom. It might be to a level most people can’t relate to if they didn’t share your vision or work ethic over the last few years.
The point is you may now have the money to afford more free time. Why not make use of the gift of freedom you have as a result of all those years spent, nose pressed firmly against the grindstone. Decide you can afford to take – and then be bold and take it.
Consider making the adjustments that you worked hard to make available to yourself. See if they lead you to the next, possibly more exciting stage in life. Besides, chances are there’s a company or individual you trust to manage the day to day parts of your non-exciting day.
Give someone else a chance to learn the mundane things they need to learn in order to become the next version of your success. In the meantime, you have the calendar space you need to find your next unconquered territory.