The question of everyone who owns rental properties is: should you as the landlord manage your own property, or hire professional property management services to do it? Landlords recognize the benefits of hiring professionals, but some still choose to do it themselves — why?
Here are the benefits of self-management and property management, and how to choose the best one for you.
The Benefits of Self-Management
You keep more of the profits.
When managing your own property, the main benefit is clear: in eliminating the expense of a professional, you keep all the income for yourself, and don’t have to pay any management fees.
You’re the top priority.
When you’re managing your own property, renting and maintaining it is your top priority. A property management company has many clients, properties, and tenants to look after, so they may be too busy to prioritize you, even if they do a good job.
The Benefits of Property Management
The cost of repairs.
An often-overlooked benefit of hiring a property management company is how much you save on repairs. Repairs are expensive; using a licensed plumber, electrician, etc employed by the management company will run you $25/hour, versus paying several times that if you hire an expert when you need them. This is a huge opportunity to save through your management company.
Less stress and work.
Managing rental properties yourself is a lot of constant work, and so is dealing with late payments and difficult tenants. Hiring a property management company to do this work for you can alleviate stress while still making you money.
They know the market.
Property managers understand the market better than you and have more experience, so working with them can get you better tenants, faster, for better prices. Leaning on their expertise means having a steadier source of income.
How To Find A Great Property Manager
Though there are benefits to both self-management and property management services, most landlords admit they would hire a professional — if they could find the right one. Here are some ways to find the right property management professional for you.
- Find someone trustworthy and experienced.
- Don’t go for the cheapest option — they’re usually not very good.
- Keep looking until you find the best property manager — don’t settle for a bad manager.
Work With Us
Harbor Property Management offers all-inclusive property management services and a friendly and professional team, so you can feel confident in our management of your rental property. Get in touch with us to learn more.
- San Pedro
- Long Beach
- Redondo Beach
… and more!
With over twenty years of experience, our goal is to help property owners maximize the return on their investments while we take care of the hard work. Our promise is to go above and beyond for our clients when we are trusted with the management of their single biggest investment.
At Harbor Property Management, we bring a highly experienced and innovative team to the table with decades of knowledge and different specialization areas with one goal in mind – to strive for excellence and provide the best service possible.