If you’ve recently purchased a property with the intentions of renting it out to a tenant, when it comes to managing your house or apartment, you have one of two options: you can either manage it yourself or you can hiring a property manager (or property management company) to do the work for you.
If you’re not exactly sure what you’d like to do and you’d like to know some of the advantages that come with both options, this is a great article for you to read. That’s because it’s going to share with you some of the benefits of being a property manager vs. choosing a professional manager instead.
The Benefits of Managing Your Own Property Rental
When it comes to the benefits of managing your own property, the first one would have to be that you don’t have to spend any money on hiring a property manager. Although it’s usually no more than 10-20 percent of the tenant’s monthly rent, if you’re on a tight budget, that could really start to add up. However, there are other reasons why you should think about managing your property yourself. For one thing, when you’re doing all of the work, you can be sure that it’s done just the way that you want it to be. So, if there is a specific way that you want your yard to look (or specific supplies that you’d prefer to be used) or if you have a specific repairperson who you would prefer to work with, all of these things would be totally under your control. Another advantage that comes with managing your own property is that you can learn a lot about your property along the way. For instance, say that the property needed some interior work done. By choosing to be on-site during remodeling and repairs, you can gain some skills that could make it easier for you to do certain things in your own house – and that could ultimately save you even more money.
The Benefits of Hiring a Property Manager
That’s not to say that there aren’t benefits that come with hiring a property manager. For instance, say that you happen to live in the Bedford, Texas area. If you spoke with someone who works at DeGuire Properties about why it would be a good idea to hire a property manager, the first thing that they would probably tell you is that it’s convenient. A reputable property manager is going to handle everything from collecting rent and taking care of repairs to landscaping and even choosing your tenants. Not only that, but if there are any tenant issues, they would address it directly rather than immediately bringing the concerns to you. And whenever a tenant’s lease is up, you wouldn’t have to worry about finding someone else to move in. Property managers will also place ads, show the property and choose the most ideal candidate for your place.
Yes, there are definitely perks that come with going both routes. So, how do you decide which is best for you? The most important thing to think about is your higher priority: saving time or saving money. If it’s time, hire a property manager. If it’s money, go with doing the job yourself.
If you do decide to hire a property manager and you’d like some tips on how to hire the best one, visit Rental Property Reporter and put “how to choose a property manager” in the search field. Good luck!