One of the many decisions facing a landlord is how to manage their rental property. It’s a time-consuming but potentially rewarding job, and while some people relish the opportunity, others may worry about how to find the time.
If you are trying to decide whether to self-manage a rental property or engage a property management company, here are some pros and cons to help you make an informed choice.
Why Self-Manage your Property?
The role of a property manager can take the stress and strain of managing a property out of the hands of the landlord, so it may seem obvious to use their services. Still, there are several advantages to managing your own property:
- No management fees, so doing it yourself potentially saves money.
- Managing the property means you’re keeping an eye on it yourself and have greater control over the big investments you need to make when purchasing and renting out a property.
- You get to learn the ropes by doing the job yourself and you can benefit from the management experience if you decide to increase your portfolio.
- Avoid the risk of hiring a poor property manager. A poorly managed property or ignored tenant complaints are detrimental to the tenant and can expose you to legal and financial consequences because you can’t delegate your legal responsibilities.
- Doing the job yourself means you have better awareness and will avoid someone else’s poor judgment or mistakes.
- No one cares as much as you about your property. Being close to it also means you can spot new opportunities to increase the return on your investment.
Why Hire a Property Manager?
Hiring a property manager enables a landlord to avoid some of the negative aspects of managing a property, and the service they deliver can bring many benefits:
- You don’t have to worry about finding the time to manage the property properly.
- You benefit from professional expertise to ensure you meet legal obligations and that the right checks are being made.
- All the administration of running a property is done for you.
- You don’t have to deal with difficult situations, such as rent arrears or evictions.
- Effective property management can save you money in the long term.
- You benefit from the network of trades and suppliers that property managers have access to.
- Not spending time managing a property means you can focus on growing your portfolio or doing more of what you want.
- Problems can be solved more quickly as managers have access to more resources and experience.
Finding the Right Management Services for You
Deciding on whether to manage a property yourself or engage a property manager will depend on your personal circumstances. Still, all landlords will want to look after their investment, ensuring that it can deliver income over the long term.
At No Letting Go, we appreciate that landlords’ needs vary, so our range of services are flexible, allowing landlords to benefit from working in partnership with our experts and finding the optimal way to manage their properties.
No Letting Go
If you would like to discuss how our local support or national network at No Letting Go could become your rental management partner for inventories and inspections, streamlining your costs and reducing your workload, then contact No Letting Go today.
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