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Author: Mark Ainely | Partner GC Realty & Development & Co-Host Straight Up Chicago Investor Podcast
Hey Chicago landlords,
You bought a rental property. That’s a smart move.
Now you’re thinking:
“I can manage it myself and save money.”
It feels good to save a few bucks, right?
But here’s the truth:
You’re not saving as much as you think.
You’re just not paying yourself for your time.
You Wear Every Hat (And Don’t Get Paid For It)
When you manage your own rental, you do every job.
You are the:
Leasing agent (You show units to tenants)
Phone answerer (You take every tenant call)
Repair guy (You fix things or schedule someone)
Rent collector (You chase late rent)
Bookkeeper (You track payments and expenses)
Compliance officer (You stay up to date on city laws and rules)
Emergency contact (You get the 2am “no heat” call)
You’re not paying yourself a salary for these jobs.
But they are costing you time.
How Much Time Does a Landlord Really Spend?
You may think:
“My property is fine. It doesn’t take much time.”
But here’s what really happens.
In a Normal Year (No Turnover):
Tenant calls & emails: 10 hours/year
Scheduling repairs: 5 hours/year
Bookkeeping & paperwork: 3 hours/year
Miscellaneous tasks: 2 hours/year
Total: 20 hours per year
In a Turnover Year (Tenant Moves Out):
Leasing & showings: 20-30 hours
Screening tenants: 5-10 hours
Scheduling repairs & cleaning: 10-15 hours
Handling move-out/in: 10-15 hours
Plus normal duties: 20 hours
Total: Up to 100 hours per year
That’s time you don’t get back. And time you’re not getting paid for.
How to Figure Out What Your Time Is Worth
You might be thinking:
“I don’t know what my time is worth.”
Let’s fix that. It’s simple.
Step 1: Know Your Income
Think about how much money you make in a year.
This could be:
Your salary
Your business income
Or even how much you want to earn
Example: You make $100,000 per year.
Step 2: Divide by Weeks in a Year
There are 52 weeks in a year. $100,000 ÷ 52 = $1,923 per week
Step 3: Divide by Hours You Work per Week
Most people work about 40 hours per week. $1,923 ÷ 40 = $48 per hour
What Are You Paying Yourself?
Now let’s apply this to your rental.
If you’re spending:
20 hours a year managing (smooth tenant year), you’re “paying” yourself $960
100 hours a year managing (turnover year), you’re “paying” yourself $4,800
That’s not “free labor.” That’s money you’re spending in time — even if it’s not on a spreadsheet.
“Opportunity Cost”
You’re Losing Opportunities
Managing your own rental isn’t just about the time you spend. It’s about what you’re giving up during that time.
Every hour you spend:
Answering tenant calls
Coordinating repairs
Chasing late rent
Handling paperwork
Planning cap x projects
Being cordial with the neighbor cause you feel it is important
…is an hour you could be:
Finding your next property
Networking with other investors
Raising capital
Researching what you want to be doing
Growing your career or business
Spending time with family
Even 20 hours a year is 20 hours you lose.
And that’s just for one property.
Why Successful Investors Don’t Self-Manage
Ever notice how big investors don’t manage their own rentals?
That’s because they know their time is too valuable.
They focus on growing their portfolio by leveraging their time.
They build wealth by working on their business — not in it.
They hire professional managers who already have the systems, teams, and knowledge to handle everything.
That’s how they scale and that’s how they WIN!
GC Realty & Development: This is what we do
At GC Realty & Development, we’ve been managing Chicago properties for over 20 years.
As a Property Management firm we solve:
Ability to buy huge chunks of your time back
Lower your risk of the unknowns and change
Here’s our track record:
5,000+ units leased
6,000+ tenants managed
60,000+ maintenance work orders completed
Host of the #1 Chicago Real Estate Investing Podcast
We’ve seen every problem and we’ve built systems to solve them fast.
That’s how we lower your risk and give you your time back.
“But Chicago Property Managers Are Expensive!”
Let’s talk about fees.
Most property managers charge 8-10% of monthly rent.
For a $2,000 rental:
Monthly fee: $200.00
Annual fee: $2,400.00
You might think: “I’ll save $2,400 by doing it myself.”
But are you really?
If your time is worth $48/hour:
You’re “spending” $960 managing in a good year
You’re “spending” $4,800 managing in a turnover year
You will have a turnover year 3 times every 10 years.
That means in a 10 year period you are spending $21,120 of your value of time on a single property.
Now consider your value per hour should go up considerably over 10 years, inflation, and you will have more than one property.
The Real Question: Do You Want to Work in Your Business, or on It?
Managing your own rental feels like saving money.
But you’re not.
You’re paying yourself with your time — and losing bigger opportunities to grow.
The most successful investors know this.
They spend their time building wealth, not fixing toilets.
You Don’t Have to Do This Alone
There is a lot of information contained here if you plan on investing in real estate locally. It may seem overwhelming for those wanting to invest in the Chicago market, but it is really just a team sport. Who is on your investing team? Do you even have a team? GC Realty & Development, LLC. has a dedicated team of professionals who are willing to share their decades of experience in all facets of real estate. We handle everything from Brokerage, Leasing, and Property Management. Whether you hire us or not, we are happy to provide you with our resources and expertise.
What gets me up in the morning and keeps me going twelve hours a day is the ability to add value to local area investors, in Chicago and beyond! Those who connect with me often hear me say that our goal is to bring value to everyone we come in contact with. We hope that in return, they will one day hire us for our Tenant Placement or Property Management Services, refer us to someone they know, or leave us a review about our services. We would clearly love all three; however, we are happy whenever we get the opportunity to help!
Reach out today!
Partner / Co-Host of Straight Up Chicago Investor Podcast
