Many property owners make the decision to manage their own affairs without the assistance of a professional. While there certainly isn’t a definitive right or wrong way to handle things, there are some distinct pros and cons to each option. Whether you’re a property owner considering whether to hire a management company or you’re a property manager looking to demonstrate the value proposition you bring to the table, here are some of the differences between the two options.
Available Resources
If you’re going to manage your own properties, it’s important to consider the many duties that will entail as well as the resources you will need access to. For instance, you will need paperwork like applications, leases and other legal documents. You will also need a list of professionals to help when the time comes, such as contractors, plumbers and possibly even an attorney. Property management agencies already have this type of infrastructure in place.
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
Time
Managing your own properties takes a lot of personal time. Many people are surprised at how much these tasks can take away from their lives. For example, you will need to spend time on upkeep and maintenance of the property, as well as screening tenants, showing the property, handling incoming questions and requests and much more. Time savings is one of the biggest benefits a property management professional can offer, and for most people, it’s invaluable.
Technology
As an individual property manager, the availability of technology can be limited. Another distinct advantage that a professional property management firm has to offer is access to advanced tools like accounting reports and online rental payment portals. As a bonus, this technology can help you attract higher quality tenants, reducing costly turnover.
Ability to Outsource
Generally speaking, everyone has certain job duties that they wish they could delegate to someone else. If you choose to manage your own properties, keep in mind that there will be no option to outsource any of the tasks you don’t have the time, energy or interest in completing yourself. You’ll be on the hook for everything. Hiring a property manager, on the other hand, lets you pass off the headaches to someone else.
Of course, the decision of whether to handle your own properties or hire a pro is a personal decision. Considering the above points, however, it may make more sense to choose the latter. While it will cost money, the peace of mind and other benefits can more than justify the expense.
{{cta(‘c12133db-01ae-4feb-bca3-ff6540142ac7′,’justifyright’)}}
Get your free copy of The Property Manager’s Guide to Proactive Management — and make the time necessary to plan for an extraordinary future.
