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Hiring a Property Manager vs. DIY Management

Hiring a Property Manager vs. DIY Management

If you are deciding between hiring a property manager versus managing your rental property on your own, read on. There are many pros to working with a professional property manager. Hiring a property manager can mean better oversight, higher long-term returns, and more time to focus on your business. While it might sound like hiring a property manager is only for professional investors, anyone who has a serious interest in property investment should hire one at some point.

You'll save time, get better returns, AND know everything is being handled correctly. Learn more about why you should hire a professional property manager below.

Why Hire a Property Manager?

The main benefits to hiring a property manager are the increased oversight and long-term returns.

When you own multiple properties, there's going to be a lot to deal with – from minor repairs to tenant complaints. It's easy to overlook hiring a professional manager in the interest of saving time and effort, but you can lose money in the long run. 

Working with a professional property manager means they'll be taking care of your investment on your behalf. You'll have more time to focus on other things while they handle the property's maintenance, repairs, and upkeep. This can be incredibly valuable for individuals interested in property investment but who don't have the time to manage it themselves.

When you hire a property manager to handle your management duties, they'll have more time to focus on increasing the property's value. A professional manager can also start bringing in more tenants and help negotiate a higher price when you want to sell. You won't experience these benefits if you are managing the property yourself.

Another critical point of hiring a professional manager is that they can help save you money. There's no need for you to invest in an office, hire your staff or be the one to buy supplies. A property manager deals with all these, which makes their management fee worthwhile in the long run. Professional property managers are also updated with the local real estate market. They can help when you're ready to sell your property.

Who Should Manage Your Property?

Not everyone has the skills to manage a property on their own. If you're interested in this possibility, consider your work experience. Many skills come into play when managing a rental property and there are certain key areas that need previous experience. A professional manager should have a good understanding of finding and choosing tenants, the importance of property maintenance, and the general rules and regulations that involve the property. You'll also need to understand the legal side when it comes time to sell.

A professional manager will also avoid many common mistakes that inexperienced property investors often commit. For example, some folks might not realize that one month's rent in security deposit is illegal. If they accept this kind of payment, they could have trouble when it's time to sell the property. If your manager has extensive experience, they're more likely to avoid pitfalls like this one.

Who Should Handle Repairs?

A good property manager will handle all repairs and maintenance for you. They can attend to issues quickly and efficiently, making a property owner's life much easier. Make sure that management fees include general upkeep, as well as anything that might happen unexpectedly. The right manager will help you make the most of your time and money by handling these tasks for you. For example, if a property is due for annual maintenance or pest treatment, they'll get it done quickly and correctly so that it doesn't cause added problems down the road.  

At the end of the day, hiring a professional property manager has many benefits compared to DIY management. This is especially true for first-time property owners. Although management fees might seem expensive, they will save you time and effort in the long run.

Do you need help managing your rental properties? Learn more about our property management services on our website Illume Property Partners.