Hire a Property Manager or Do It Yourself?
When choosing whether to hire a property manager for your condo, it’s tempting to consider going the do-it-yourself route. Ultimately, it comes down to how much time and effort you’re able (or willing) to devote to upkeep and whether you’re expecting your real estate venture to be a source of passive income. Here’s a list of pros and cons to help you make your decision.
Pros:
- Property managers can increase your gross rental income and occupancy rate
- Property managers have marketing specialists whose job is to make your property visible and profitable
- Property managers help you establish and maintain a competitive rental rate in a fluid market
- Property managers have basic screening processes that ensure you get quality renters
- Property managers handle communication with your renters, including fielding questions, complaints, and emergencies that can arise at all hours
- Property managers can be on-site minutes when you can’t be – crucial for out-of-town owners
- Property managers protect the condition of your condo, performing cleaning and maintenance tasks that could consume your time
- Property managers have relationships with local companies and can refer quality service professionals, often at discounted prices
- Property managers are up-to-date on renter/landlord responsibilities and state/local regulations
Cons:
- Property managers on the Gulf Coast charge 15-32% of your rental income (Property management companies come in all sizes – from one – or two-person operations to larger corporations with management teams and significant overhead.)
It can be a bit scary relinquishing control of your condo. If you’re handy or have a lot of extra time. on your hands, it might make sense to try to manage things yourself. However, if you prefer to save precious time (and many headaches), let someone else deal with advertising, booking, turnover, and maintenance. You can factor in the costs of different management companies to determine what’s feasible for you. A good property manager will make rental property ownership a rewarding experience for years to come.