Being a landlord is not an easy task. You need to manage it to keep it in a better condition until you own it. And for that property management, is a critical aspect in your property ownership journey. Some of them manage their property on their own or some may hire a property manager.
Whereas, the ultimate decision to choose a property manager depends upon personal circumstances and choices.
Self-management and hiring a property manager come with a set of advantages and disadvantages.
Cost
Doing everything on your own saves you extra fees you might need to pay as property management fees. Hiring a property manager you have to pay fees up to 8% to 12% of your monthly rent. This can reduce the percentage of profits you earn from the real estate investment.
Peace of Mind
While you are managing the property on your own. There are many things you need to deal with such as tenant relations, emergencies and repairs & renewals. This can be a bit stressful but if you hire a professional then there will be a different scenario. A lot of stress can be reduced as everything is taken care of by an expert.
Control
Self-management allows the owner to control every aspect of the property directly. It includes tenant selection, rates and maintenance. Whereas, hiring a property manager gives the owner less control. Even for making the daily decisions the owner has to rely on the property manager.
Market Knowledge
One of the major benefits that you can enjoy while working with a professional is their expertise. They have a depth of market knowledge and are aware of government compliances. Hence, with the help of an expert, the property can be handled way more effectively. But if you have to do everything on your own it can get complicated.
Overall, we can say that hiring a professional depends upon your long-term goals. If you value the time or have several properties to be taken care of better hire an expert.
But if you want to do it all by yourself then self-management might be the choice. In the end, time availability and expertise are all that matters for an individual.
Even though consulting an expert can help to bloom in the real estate market!
