Conquering Decision Fatigue

Decision Fatiguq

Conquering Decision Fatigue

Aug. 16, 2019

As a rental property owner, you will likely hold all the decision-making power unless you've been at this for a while and retain a staff which operates as a well-oiled machine. What you may or may not have experienced by now is the element of "decision fatigue". You find yourself falling into one of two categories: you spend too much time making a decision or you neglect to expend the appropriate amount of time in your decision making opportunities. Let's assume you fall under the "too much energy expended on making decisions" category for the sake of this post.

As a landlord or rental property owner, identify the truly important decisions.

It is easy to get so focused on the success of your business that every decision, regardless of size, seems monumentally important. Here's the bottom line: paint color isn't nearly as important as zeroing in on a property management company and selecting the appropriate tenant. No one cares that you painted the house flat white instead of a glossy eggshell and it's okay that you purchased cheaper gold fixtures rather than a brushed nickel toilet paper holder. Those are not decisions which will make or break you in the business world. Those choices should go straight to the bottom of the pile of decisions to be made. Expend your energy and time on the big picture. Don't wait until the end of the day when you feel like your brain just can't process aymore, resulting in costly procrastination.

Think about a typical day. Note when you are the least interrupted and exercise willpower in order to execute your schedule and stick to it.

Related: "3 Reasons to Hire a Property Management Company"

Attention, Investors:

Decision fatigue is real and investors often face such exhaustion as the buck stops with them on all things marketing, rehabbing, leasing, seling, maintenance, etc. related to their real estate investments. Once again, many decisions are trivial and can easily be delegated to someone who doesn't bear the brunt of the project.

As an investor, focus on the bigger decisions with the bigger price tags. Leave paint selection to someone else. As you gain experienced, you will accomplish bigger projects as you learn to prioritize, categorize and delegate decision making. As foreman, boss and financier, you are the only one who can make the big ticket decisions. They won't always be correct however your experiences will grow and expand as you learn from each decision. Spend that mental energy wisely and outsource the small stuff!

Related: "4 Questions for Qualifying Your Accountant"

For more information, contact Innovative Property Solutions today!

Innovative Property Solutions

8833 Perimeter Park Blvd Suite 301, Jacksonville, FL 32216

(904) 321-9020

Office hours:

Mon - Fri: 9:30am - 5:00pm

Sat - Sun: Closed