ABC’s of property management
October 1, 2006
There are lots of things I’m not much good at. Plumbing is one in particular. I know, people tell me it’s easy. Easy for them, maybe, but not for me. Plumbing is a three trip job.
The first trip is to look at the problem and decide what needs to be done. During that trip I look for the tool I will need to use. Of course I didn’t bring it. That calls for a second trip, to get the tool I should have had. Sometimes I would be lucky on that trip and actually have the necessary tool, but often I didn’t, and would have to go to the hardware store and buy it.
Then I would go back to the plumbing issue and begin my repair. Of course, since it’s a plumbing job, and plumbing jobs require wrenches and screwdrivers, I would invariably try to turn some fitting too hard and break it. That called for a third trip, again to the hardware store to get a replacement for the piece I broke.
All told, it cost me more than if I had called a plumber in the first place and had him do it. (If there are any lady plumbers out there, I apologize for not including you, but I have never met a lady plumber.)
That’s why I delegate all plumbing jobs.
I delegate computer hardware repairs, too, and anything else that I don’t feel competent to perform. I figure that by the time I do it myself, I will have spent more time, money and energy than I would have if I had had someone else do it who knows how. So before you do it yourself, ask yourself “Is this the best use of my time?”
Dr. Don Wetmore wrote the following good advice about delegating.
DON’T DELEGATE
“By the time I show them how to do it, I could have done it myself.” What a trap. If you give a person a fish, they’ll feed themselves for a day. If you teach a person how to fish, they’ll feed themselves for a lifetime.
Each day in Daily Planning, take a look at everything you’ve got planned and ask yourself, “Is this the best use of my time?” If it is, do it. If it is not, try to figure out a way to delegate it.
What’s more important to you: “I do it” or “It gets done”? (Hint: It gets done.)
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
