I am on the hamster wheel and not earning any money.....

By
Real Estate Agent with Gold Key Real Estate

This has been an interesting summer so far....Personally it has been going great!  A trip to China!  I took care of my brother after he had a  kidney removed because of cancer (not great but neccesary).  We are planning a famiy reunion  at the end of the summer.  My kids are doing well.  Even the animals seem fine.

Professionnly I am in a quandry.   The last house I sold by myself closed in May.  The maarket has turned and it is really getting difficult for me find homes for the buyers in Boise, Idaho.   The buyers cannot beleive the market turned.  I put in a bid for myself and was turned down because my full price offer on a short sale just was not good enough.  I knew that going to  but I hoped if I slipped it in fast enough it just might go.  I took on a buiness partner and that is going well.  She is a  stylist and I am getting a bit tired working around her schedule.  We have to work nights and it is hard on me (I do work nights but I signed a buyer at 11:45 AM which is past my bedtime).  I am pretty pleased on how that is going.  Besides I am not doing much else real estate wise.  I took on a new property to manage.  That makes 12.....  On Sunday one of the windows of my step-mothers 5 plex had a rock thrown through it.  I had a very scared 60 year old single lady... My handiman/business partner cleaned it up and I ordered the glass that should be there on Tuesday. 

My dad went away and I dog sat.... The dogs are cute but that was a bit more time shaved off the day....  I like to dabble in politics but I am afraid to give time right now until I get my real estate house in order.... I know I can be useful to my favorite local politians but they don't NEED me to MAKE money.  I need to MAKE money so I can help EVERYONE else.... 

The trips took a lot out of me.... I was gone 4 weeks out of 6.  It is hard to get excited when you are home for just 2 weeks....

I feel like I am on a hamster wheel.  I keep doing things but they are not monatarily productive.  I stand to earn $700 for June, July and August.  I am working very hard doing it.  I don't know how to give up the non productive stuff I do so I can concentrate on prospecting.  I am a great agent but prospecting is the thing I like least and what I am not good at.  I am great finding the home... Making sure it is the right home.... Listing a home for the right price.  Negotiating the deal.... I know how to to modify loans (more non-paid work) and give give some credit counceling.  

Posted by

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

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Topic:
ActiveRain Community
Location:
Idaho
Groups:
Diary of a Realtor
POSITIVE ATTITUDE for the Weary Soul
Boise Idaho
Tags:
boise
vandalism
boise real estate
buyers
handiman
property management
family reunion
kidney cancer
china
hamster wheel

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Rainmaker
169,004
Debbie Holmes
Gets the job done!
Gold Key Real Estate

Thanks John!  My dad asked if I would go with him to Israel (for research) and I told him I couldn't unless I wanted to quit real estate.  When I am away for to long I lose money and momentum.  The rentals don't really run themselves either...

 

July 16, 2012 07:12 AM
Ambassador
599,974
Doug Rogers
Your Pineville Louisiana Agent
Bayou Properties Realty

Debbie,

 Property management is a time drain (unless that is your sole focus). And don't get me started on the partner. What's the only ship that don't sail? A partnership! Sorry, stole that line from Dave Ramsey.

 Here's my plan for your

Step one-- Find yourself a focus. I suggest listings for many reasons. Mostly because you can juggle more than a few at a time

Step two-- Cut, cut, and cut again. Make some TOUGH choices. Anything that takes time is your mortal enemy. As mentioned above cut the property management. Now.

Step Three-- Time block your day. From 9-1130 is prospecting time. Nothing but prospecting occurs here. 1-230 is paperwork time. There are no emergencies in real estate.That fax can wait until 1pm, regardless of what the title clerk tells you.

Step Four--From 230--6ish show houses or go on listing appointments.

Notice there are some gaps in the day. Due to a client's schedule you may need to show homes during lunch or after hours. BUT NEVER MOVE PROSPECTING TIME. That's where the future money is made!

Rest, read, spend time with family and on hobbies. This business can consume 24 hrs a day if you let it! All the best!

July 16, 2012 08:06 AM
Rainmaker
555,348
Chris Smith
South Simcoe, Caledon, King, Orangeville Real Esta
Re/Max Chay Realty Inc., Brokerage

Good Morning Debbie, it happens to us at one time or another... when it happens to me, I go back to basics... for me, visiting SOI and prospecting...

July 16, 2012 08:19 AM
Rainmaker
1,056,608
Wallace S. Gibson, CPM
LandlordWhisperer
Gibson Management Group, Ltd.

I agree with Doug - property management is a dish best served as a sole duty - being on call 24/7 for a few tenants is much more time consuming than having a SYSTEM to deal with 50 to 80 tenants.....my systems have saved me time, money and ENERGY!

July 18, 2012 03:20 AM
Rainmaker
169,004
Debbie Holmes
Gets the job done!
Gold Key Real Estate

I have 6 units that are my step-mothers that I had to take over because her property manager (for the 5 plex) didn't do his job.  He didn't rent out the apartments, check the applicants, collect the rent or do maintenance.   The other homes I did at the time were ones I owned.  There is not much difference between 11 and 12 units.  It is time consuming but I am sort of stuck with my step-moms units so I continue.  Someday the market will go up and I will sell the 5 plex for her (she bought it before my time).  When I get rid of the apartments that are in a shabby area of a shabby town with gang activity I will do a lot better. I have a partner in the town that I give the money to so I only have to go there once in a while.  It still takes time and drains my energy but it also has proved that I am pretty good at property management.  Most of the agents in my office dabble in property management.  The rentals we own will hopefully provide for our retirement.

 

July 18, 2012 06:52 AM
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Rainmaker
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Debbie Holmes

Gets the job done!
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Additional Information

This is a blog about all things real estate (and a few extras). I blog about my buyers, sellers, listings, short sales, the real estate market. I am internet savvy and am trying to learn more skills. I like blogging because I get to share information with other real estate professionals. I can find you a great home in the Treasure Valley. I was the Democratic Nominee for CD2, Idaho for the US Congress. I have two website: http://www.debbieholmes.net and http://www.greatboisehomes.