This article is presented by BELAY.
Real estate investing can be a great way to earn passive income, but it doesn’t mean you aren’t busy. As an investor, you’ve got to handle calls from tenants, potential buyers, and agents, as well as update your CRM.
These administrative tasks can be tedious and add up, especially as your portfolio grows. They could even potentially cost you your next big deal if you miss a call, are slow to follow up, or delay an offer.
As your real estate investments grow, keep track of how you’re spending your time. If you spend more time buried in paperwork, reports, and messages than making new deals and real estate offers, it might be time to reassess your time management and consider the help of an assistant.
Treat Your Hours Like You Treat Your Capital
Time is money. When you spend your hours scheduling showings, doing accounting, chasing contractors, or compiling data, that’s less time you’re spending on high-return activities like finding off-market real estate deals or raising capital.
Just like you would scrutinize your cap rates, cash flow, and ROI on a property, you should be doing the same for your time.
Spend a week calculating how you spend your days. Do you spend several hours a day answering emails? Do you find yourself on the phone a lot? Include all business-related work, like those administrative tasks, scrolling online, looking for new deals, or managing tenants.
You can use an Excel spreadsheet to track your time manually, or use a calculator tool like
BELAY’s free EA Task Calculator. Once you figure out where you spend your time, you can figure out where you can cut back and free up hours by delegating tasks.
Use the EA Task Calculator today to see…