The Benefits of Hiring a Property Manager vs. Self-Management

by Skylar St. Pierre

As a landlord, deciding whether to manage your property on your own or hire a professional property manager is an important choice. Each approach has its benefits and drawbacks, depending on your experience, time, and goals for your rental property. This guide breaks down the pros and cons of self-management versus hiring a property manager, helping you make an informed decision that suits your lifestyle and investment strategy.

If you’d like to discuss how professional property management can benefit you, explore our Property Management Services here.

Benefits of Self-Management

1. Full Control Over Your Property

Why It Matters: Managing your rental property yourself allows you to make all decisions and be involved in every aspect of tenant management, maintenance, and financials.
Pros: You have complete control over how the property is maintained, who you rent to, and how you interact with tenants. For hands-on landlords, this level of involvement can be highly rewarding.
Cons: Self-management requires a significant time commitment. From screening tenants to handling repairs, you’re responsible for everything, which can become overwhelming, especially if you own multiple properties.

2. Cost Savings

Why It Matters: By managing the property yourself, you avoid the cost of property management fees, which typically range from 8-12% of the monthly rent.
Pros: You’ll save on management fees, keeping more of your rental income. This can be especially beneficial if you’re operating on a tight budget or own a single rental property.
Cons: While you save on fees, the time investment can add up. Plus, if you lack experience, you might make costly mistakes that a professional manager would know to avoid.

3. Direct Relationship with Tenants

Why It Matters: Self-management allows you to build a personal relationship with tenants, which can improve communication and make tenants feel more valued.
Pros: You can establish a direct line of communication, address tenant needs personally, and respond to issues as they arise.
Cons: Handling tenant issues directly can also be stressful, especially when it involves late payments, complaints, or disputes. You may have to navigate challenging tenant situations without professional support.

Benefits of Hiring a Property Manager

1. Time Savings and Reduced Stress

Why It Matters: A property manager handles day-to-day operations, from screening tenants to managing maintenance. This frees up your time and allows you to enjoy a more passive income stream.
Pros: You gain peace of mind knowing that someone else is handling the logistics. Property managers are experienced in addressing common rental issues, which can make your rental experience far less stressful.
Cons: Property management services come with a fee, which can reduce your monthly cash flow. However, many landlords find that the time savings and stress reduction are well worth the cost.

2. Professional Tenant Screening and Management

Why It Matters: Property managers have access to screening tools and know what to look for in a quality tenant. This helps minimize the risk of late payments, property damage, and evictions.
Pros: Experienced property managers can attract reliable tenants and handle lease enforcement, tenant disputes, and eviction processes if necessary. They also have established procedures for tenant screening and lease signing.
Cons: While you’re trusting an expert, you may feel less connected to your property and tenants. Some landlords may prefer a more hands-on role in these aspects.

3. 24/7 Maintenance and Repair Support

Why It Matters: Rental properties require ongoing maintenance, and emergencies can happen at any time. Property managers have networks of trusted vendors and can respond quickly to repair needs.
Pros: Tenants appreciate having a dedicated contact for maintenance issues. Professional managers can often get better rates on repairs and ensure work is done promptly, enhancing tenant satisfaction.
Cons: Although maintenance costs are passed through to you as the owner, you may feel less control over repair decisions. However, most property managers keep you informed and work within the guidelines you establish.

Choosing What’s Right for You

When deciding between self-management and hiring a property manager, consider your priorities:

Time vs. Money: Do you have the time and desire to be involved in day-to-day management? Self-management might be a good fit. However, if you value your time and prefer a passive income, a property manager can be an invaluable asset.
Experience: Are you familiar with tenant laws, screening processes, and maintenance needs? If not, a property manager brings expertise that can help you avoid costly mistakes.
Number of Properties: Managing a single property may be feasible on your own, but as your portfolio grows, so do the demands on your time. Property managers can streamline operations, especially for landlords with multiple properties.

Call to Action

Whether you choose to manage your rental property yourself or hire a professional, it’s important to select the option that aligns with your goals, resources, and lifestyle. If you’re interested in learning more about how a property manager can simplify your rental business, explore our Property Management Services here. We’d be happy to discuss how we can help you maximize your investment with expert management support.