All of us in the business of property management wish there were more hours in the day to complete our work. Yet as the old saying goes “Time waits for no one…” and few have time to waste. Yes, more time is often what we want most, observed William Penn, “…but what we use worst.” By carefully managing the time that we have allotted to, we can at least make the most of each hour.
Before examining some of the technical solutions for property management time efficiency, let’s examine some of the time-saving ideas that all of us can practice. Some are amazingly simple!
First, examine carefully how you’re currently using each hour of your day. Do you notice any patterns where you’re using a large amount of time and getting the least amount of productivity? You may have heard of The Pareto Principle, also known as “The 80/20 Principle.” In essence, it suggests that 20% of our time is employed producing 80% of our accomplishments. There are many variations of this principle, but the main idea implies that on average we’re only using 20% of our time to create 80% of our results in life. (For a complete understanding I encourage you to read the book The 80/20 Principle: The Secret of Achieving More with Less by Richard Koch). Realize that 80 percent of all our results in business and in life derive from just 20 percent of our efforts. That’s why the 80/20 principle is one of the great secrets of highly effective people and organizations.
No wonder many time management consultants believe that when we increase the amount of time we spend doing activities that are the most worthwhile to us, our success will soar exponentially! This usually means spending less time each day reading emails, answering text messages, or dealing with tedious management tasks that could easily be delegated to an assistant. Capture those extra hours to do what brings us the most satisfaction and the best outcomes. It’s a big leap forward in your quest to use your time more efficiently.
Next, talk to companies that sell or lease the latest, most effective time management technologies for property managers. Ask colleagues, professional acquaintances or local businesses for referrals as well. Rental property management software is evolving rapidly. The best ones let you automate countless time consuming tasks, so you have more time to spend on activities that really matter.
What would you rather be doing, coordinating routine property maintenance or prospecting for more clients? Do you really want to be involved with screening prospective renters? Wouldn’t you rather have the time to stay in touch with your owner clients, key personnel and be available to approve important projects? Your answers partly depend on your personal priorities. It’s easy to be distracted with minutia and time-wasters. Drill down and be aware of what and who are your biggest time-wasting activities and people. Then decide you don’t have time to waste! Do you find yourself frequently procrastinating on this vitally important topic? …read more
From:: Property Management