As a landlord, one of the most significant decisions you’ll face is whether to manage your rental property yourself or enlist the help of a professional property manager. Each option has its own set of perks and pitfalls, and the right choice depends on your unique situation, including your availability, expertise, and priorities.
Self-Managing: The Upside
Taking the reins yourself means you have complete control over your property. You get to pick the tenants, directly handle maintenance, and keep a close watch on your investment. Plus, by cutting out management fees, you could save money. For those with the time and confidence, self-management offers a hands-on approach with potential financial benefits.
Self-Managing: The Downside
However, managing your property can be time-consuming and occasionally stressful. From dealing with late-night repair calls to understanding legal obligations, there’s a lot to juggle. Mistakes in areas like deposit protection or serving notice could lead to costly legal issues. If you’re short on time or not up-to-date with current legislation, this might not be the best route.
Hiring a Property Manager: The Upside
A property manager can take the hassle out of letting. They manage everything from marketing and tenant vetting to rent collection and repairs. Their expertise ensures your property complies with legal standards and that any issues are swiftly resolved. For landlords with multiple properties or busy schedules, this option offers a time-saving solution and peace of mind.
Hiring a Property Manager: The Downside
Of course, this convenience comes at a cost. Management fees can reduce your rental income. Additionally, being less involved might mean less insight into the day-to-day happenings at your property.
Ultimately, the decision is yours. If you value control and have the time, self-management might be the way to go. But if you prefer a stress-free, hands-off approach, hiring a property manager could be a smart move. At Sawyer & Co, we’re here to support you, whether you choose to DIY or delegate.
