Having rentals shouldn’t take up all of your time or negatively impact your personal life.
Wondering why your rental property management system isn’t working? I’ll share why your business method may be to blame, why it’s not your fault, and how you can fix it.
One-size-fits-all methods usually don’t work for rental owners in the long run.
Most real estate courses teach the same bottom-up approach — that is, focusing on solving smaller problems at a fundamental level before integrating them into an overarching solution or system. It’s often based on finding the answers to your most pressing problem at the moment, which is why a bottom-up approach can work well when you first get into rental property management.
For example, the bottom-up approach teaches that “If your tenant does X, then you should do Y.” X is a specific problem you’re trying to solve, and Y is a specific solution you could, in theory, apply to other tenants and problems.
But theory and the real world don’t always line up, especially in the long run.
Being told to “do Y if X happens” may not make sense with everything else you’re doing operationally, or Y might be out of your skillset or risk tolerance. Either way, a bottom-up approach that doesn’t focus on your end goal can end up costing you time and money.
It’s easy to take this one-size-fits-all method, especially when you’re starting out as a rental owner. But in reality, this type of system just doesn’t work long term. It won’t help you grow your business, and it can make you feel trapped in a job you don’t enjoy.
Please remember: This is not your fault! Almost every real estate course and book out there teaches this bottom-up approach, which has you focus on the wrong things — namely, small and specific problems instead of a big-picture business strategy.
Instead of the bottom-up approach, try the top-down approach.
Specific problem-solving tactics are important for any business owner, but they tend to be more successful if you have an overarching strategy (or goal) in place. For example, how many rentals do you want to own? How much money would you like to make?
Answering these questions with the big-picture goal in mind will help you break it down into smaller, achievable tactics. You can still “do Y if X happens,” but only if it aligns with your big-picture goal and strategy.
In my VIP Method course, we’ll dive deeper into my top-down approach that will allow you to start strategically with your end goal in mind — saving you time, making you more money, and eliminating disruptions to your personal life.
Besides the bottom-up approach, you might be making other common rental property management mistakes.
Check out my tips in 5 Property Management Mistakes to Avoid to save money, grow your business, and make more time for yourself.
Ready to fix what isn’t working and start growing your business?
Having rentals shouldn’t take up all of your time or negatively impact your personal life.