Call Us For Immediate Service - 1 (817)-274-1800

Should I hire a property manager? It’s a question that nearly every property owner will ask themselves at some point, especially as they acquire more properties. While doing it yourself may be tempting, it has its drawbacks. Sure, managing your own properties might save a few dollars initially, but doing it alone can quickly lead to a host of headaches. Find out the pros and cons of managing your properties and why hiring a property manager is your best bet.

 

DIY Property Management: Is it Right for You? 

If you just acquired your first property, most of your profit will come from rental income. Once you deduct the cost of the property’s mortgage, insurance, and other expenses, you’ll start to see a return on your investment. From this position, it may seem like property management is pretty easy, and if you only have one property this might be true.  Maybe.

 

Many people start to invest in real estate while they are still pursuing a career or working full-time. In these instances, the owner might feel it’s more cost-effective to DIY because they’re still trying to realize profits by keeping costs low. Yes, managing properties alone will reduce management expenses, but at what cost?

 

And what if you have multiple properties? As your real estate business grows, trying to self-manage can quickly become stressful. Managing multiple properties by yourself is not only daunting but it can also impact quality of life – both for you and your tenants. Logging and responding to maintenance requests, collecting rental payments, and screening tenants are all time-intensive tasks that multiply as you acquire more properties. If you have any free time, it will quickly be eaten up by DIY management duties. For tenants, they may have to deal with slow maintenance response and wait longer for phone calls to be returned. In turn, tenants grow frustrated and might be less likely to renew leases, causing you even more stress.

 

As with any situation, managing property on your own does have some positive aspects. For one, you will gain valuable insight as to what it takes to effectively manage your property. This will also help you when it’s time to hire a property manager so you can explain exactly what the job entails.

 

What Does a Property Management Company Do?

New property owners might wonder, ‘What does a professional property management company do that I can’t?’ Or, ‘Why should I pay someone to do something that I can probably do myself?’ These are valid questions and despite how it appears, rental property managers serve two very key functions: they save valuable time and they are the direct line between the property owner and tenant(s).

 

Property managers – sometimes called leasing managers – handle all the daily tasks associated with owning properties, freeing up the owner’s time and keeping tenants happy. Common property manager responsibilities include marketing your properties to attract prospective tenants when a unit becomes available, screening tenants to make sure the landlord/tenant relationship is a good fit, as well as the execution of lease agreements and renewals. The property owner communicates owner preferences and guidelines.

 

Aside from administrative tasks, property managers are always in direct communication with maintenance staff and contractors to ensure your investment is protected and tenants get their concerns addressed in a timely manner. Additionally, property managers often fill the role of mediator when it comes to problematic tenants, move-ins and move-outs, as well as the eviction process, if necessary. In short, property managers make the lives of property owners much easier.

 

Reliable Property Management

In the end, it will ultimately come down to trading time and expertise for money. Property management costs pale in comparison to doing it yourself, especially if you own several properties. Yes, managing your property yourself will save some money, but you will be spending a lot of time making sure everything runs smoothly, which could add to your stress level and interfere with other aspects of your life. Once you decide a professional property manager is necessary, use these tips to make the selection process easier. Focus on choosing a quality property management company with a solid reputation for getting results and making sure you and your tenants are happy. If you’re searching for property management in the Dallas area, look no further than Herman Boswell Property Management.

 

 

 

2019-10-09T19:14:16+00:00