Being a landlord is a hard job, and it’s even harder when you need to balance those responsibilities with the needs of your family. So how do you keep everything running smoothly? The simple answer is that you can’t do it alone – but with a clear plan and a little help, you can smoothly shift between roles and ensure that everyone gets what they need.
Combine Your Calendars
An organized calendar is vital for any parent trying to keep family activities organized. When you’re simultaneously handling independent professional responsibilities, though, it’s easy to end up with scheduling conflicts, so be sure you have a central calendar where you list everything. Without this simple tool, you’ll end up with apartment showings or inspections overlapping with parent-teacher conferences and soccer games.
Depending on your preferences, you may also want to digitize this calendar so that you always have it on hand. If so, make sure you also post a paper version where everyone can see it.
Involve The Kids
Landlords have a long list of responsibilities to their tenants, such as providing a quiet, clean environment, and while many of these responsibilities can only be handled by adults – the kids can’t fix the stove or replace the flooring – there are ways you can get your children involved. For example, many landlords retain responsibility for the landscaping around their properties, so why not engage the kids with seasonal tasks like raking or planting flowers?
These types of activities can offer laidback opportunities to spend time together while doing something fun. Little kids, in particular, are more than happy to help with these tasks; they don’t tend to view them as work the way tweens and teens might.
Get Some Help
Even if you don’t have kids, managing rental properties can be overwhelming – and that’s why property management companies exist. Take some weight off of your shoulders, then, and hire some help. As the Houston-based property management group Green Residential explains, property managers act as go-between for tenants and landlords, can help you maintain a healthy relationship with tenants, and are also experts on practices like tenant screening, rent collection, and property inspection and maintenance. Additionally, with help from a property management group, you transform your rentals into a source of passive income.
Establish Non-Negotiables
One of the hardest things about being a landlord is that it’s easy to let it turn into a 24/7 role, especially if you don’t have property management support or an independent emergency maintenance line. And when tenants are calling you at all hours, your entire family misses out. That’s why it’s important to have certain non-negotiable elements in your life.
Protect your work-life balance by setting aside certain days for family dinners, weekend activities away, and longer vacations. Yes, there needs to be a backup system so that tenants can always reach appropriate support in the event of an emergency, but that doesn’t need to be you. Leave work at work and let home be the place where you just enjoy being with your family with no interruptions.
Be Proactive
Ultimately, the best way to preserve work-life balance is to be proactive about your many responsibilities, at home and at work. Schedule regular maintenance and inspections, be clear with tenants about when they can reach you, and upgrade your properties regularly between tenants. When you take good care of your properties, you’ll be less likely to be caught by surprise by a broken down refrigerator. And the same goes for your family life. Meal prep, check in with your children’s teachers, and develop a routine. If you can develop a comprehensive plan, you can get even the most complicated schedule running like clockwork.