Can You Handle Managing a Rental Property On Your Own?
Sunday, February 11, 2018
If you're among the 27% of Americans who believe real estate is a great investment idea, you may find yourself owning a property you're looking to rent out. If that's the case, you could be having trouble making an important decision: self-management or working with a property management company. This is a decision all property owners are faced with. With that in mind, this article is going to take a look at a few differences between self-management and a local property management company to help you decide what's best for you.
Working with a Professional Property Manager
Utilizing the help of a professional property management can offer you many benefits if you're not looking to be completely involved with your rental properties.
For starters, working with a local property management company can save you time. Home rental property management takes up a lot of your spare time, especially if you own multiple properties. Additionally, you won't have to manage emergency repairs, perform annual inspections, or spend time trying to find tenants for vacant properties.
When it comes to managing tenants, you'll experience minimal vacancies. The property management company you choose to work with will advertise your rentals in a way that reaches a large tenant pool. With maximum exposure, you'll experience fewer vacancies and be able to fill open spots with the finest tenants.
Fortunately, property management services can offer the skills and knowledge necessary to navigate the business of rental properties. With this knowledge and abundance of skills, the management company will be able to get better prices on necessary materials and services. This will help save you time and money when it comes to replacements or repairs.
Self-Managing a Rental Property
If you decide to manage your rental properties on your own, you should remember that there is a lot of work you'll need to do. However, there are some benefits to managing your own properties.
If you're looking to save on management fees, going the self-managing route is the way to go. However, even though you'll be saving on management fees, it's important to remember you'll be left to handle all of the other related expenses. These expenses may include maintenance, legal matters, advertising, and tenant-screening services.