Q&A: Is it Better to Hire a Property Manager or Manage My Rental Property Myself?

Property managers are individuals who manage a rental or an estate on behalf of the owners of the property. Property management can be a full time job which requires dedication, patience and skill.

Q: What is the job description of a property manager?

A: A property manager finds, evicts and collects rent from tenants. The work involves dealing directly with tenants, and making all payments and fees in relation to the property. The manager also coordinates and provides periodic reports to the house owner.

Q: What are the advantages of using a property manager?

A: A lot of homeowners see property management and dealing with tenants as a full-time job, so outsourcing it to another person can be a relief.

Using a property manager saves you the stress of managing and screening tenants. Screening tenants can be a daunting task but a property manager has the time and experience to undertake this duty.

Since it is the job of the property manager to take care of the tenant, as the house owner, you have the opportunity to undertake other activities, which can earn you more income.

Q: What are the advantages of managing a rental property yourself?

A: Hiring a property manager means paying for their services each month, therefore managing your own property will save you money.

Managing a property yourself also gives you the opportunity to learn a new skill and develop your real estate experience. As a manager you will need to know the relevant properties and laws in place that may affect you and your tenant.

Furthermore, as the owner of the property, you are more likely to care more about the property, therefore making you take care of it better.

Q: What are some of the factors that determine whether I can manage a property myself?

A: You can manage your own rental property if you live very close to it. Living away from the property means spending more time traveling to the property to attend to the needs of the tenants. Managing a property also requires patience and time.  Secondly, screening tenants to determine if they are problematic or easy-going people can be a time consuming and stressful task. If you are ready to handle this responsibility, then you can manage the property yourself.

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