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Should I manage my rental properties myself? 🤔🧐❓

Investing in rental property can be a lucrative way to earn passive income, but it also comes with its own set of challenges. One of the biggest decisions you’ll have to make as a rental property owner is whether to manage your rental property yourself or hire a property management team. While managing your rental property on your own can save you money, it can also be time-consuming and stressful. Hiring a property management team, on the other hand, can provide you with peace of mind and ensure that your rental property is well-maintained, but it also comes with additional costs. In this blog post, we’ll explore the pros and cons of managing your rental property yourself versus hiring a property management team to help you make an informed decision.

Managing Your Rental Property Yourself

Pros:

  1. Save Money: Managing your rental property yourself can save you money on property management fees.

  2. More Control: You have complete control over the day-to-day management of your rental property.

  3. Personalized Service: You can provide a more personalized service to your tenants, which can lead to higher tenant satisfaction and better retention rates.

Cons:

  1. Time-Consuming: Managing a rental property can be very time-consuming, especially if you have multiple properties or tenants.

  2. Stressful: Dealing with tenant complaints, maintenance issues, and other rental property-related problems can be stressful.

  3. Lack of Expertise: Unless you have experience in property management, you may not have the expertise needed to handle complex issues that may arise.

  4. Hard to manage if you live out-of-state

Hiring a Property Management Team

Pros:

  1. Professional Management: Property management teams have the experience and expertise to manage your rental property professionally.

  2. Reduced Stress: Hiring a property management team can reduce the stress associated with managing a rental property yourself.

  3. Access to Resources: Property management teams have access to a network of trusted vendors and contractors who can provide timely and cost-effective maintenance and repairs.

  4. Strong understanding of tenant screening processes

Cons:

  1. Additional Costs: Hiring a property management team comes with additional costs, typically ranging from 8% to 12% of the monthly rent.

  2. Less Control: You will have less control over the day-to-day management of your rental property.

  3. Less Personalized Service: Property management teams may not provide the same level of personalized service to your tenants as you would.

Conclusion:

Ultimately, whether you should manage your rental property yourself or hire a property management team depends on your personal circumstances and priorities. If you have the time, expertise, and desire to manage your rental property yourself, it can be a cost-effective option. However, if you value peace of mind, professional management, and have multiple properties, hiring a property management team may be the best option for you. Consider your priorities and weigh the pros and cons before making a decision that is right for you.

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