Should You A Hire Property Manager Or Self Manage Your Rental Properties?

How should you manage rental properties?  Is it better to just delegate everything to a property manager or self-manage your rental properties?  The answer: self-manage.  Ok – have a good night.  Be sure to tip your server.

Seriously, though, I strongly recommend self-managing your rental properties if at all possible.  Let me explain why.

Self-Manage Rental Properties: Why it’s better

Let’s roll back the clock.  There I am at my home office.  It’s day 1 of my real estate investment career, and I knew exactly how everything was going to turn out.  

The plan was simple.  I buy properties, hire a property manager to deal with tenants, and I would sit back and rake in the cash.  My thinking seemed completely reasonable.  I mean how could it not be – I had no prior real estate experience and had barely purchased my first rental property.

Fantasy Is Replaced With Reality

So, my first purchase as a real estate investor was a cute little two bedroom home that I actually bought from my father.  At the time, I was living near Dallas, Texas, and the property was located in Springfield, MO, so hiring a property manager seemed like the best decision. 

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So, I found a Springfield-based property manager, signed an agreement with them, and they went on a search to find me a tenant.  

Well, it didn’t take long for me to start realizing that hiring a property manager wasn’t exactly a “hands-off” solution.  

A few months later, when I decided to fire the property manager and self-manage my rental property, I realized that self-managing rental properties takes up just as much of your time as hiring a property manager to manage your rental properties.  

So, where’s the benefit to self-managing?  There are two main benefits, in my opinion: 1) you’ll acquire better tenants faster, and 2) you’ll learn how to save costs on maintenance requests.  (Continue reading…)

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