DIY Management Vs. Property Management – Which Choice Is Better?

Property Management

Are you thinking about investing in a Portland Oregon rental property but you’re trying to decide if you should manage the property yourself or hire a property management company?

If you study real estate investment websites like Bigger Pockets, you’ll see that there is division among Real Estate Investors when it comes to DIY versus Property Management.

Some investors will tell you that a new investor should manage their property themselves while others will promote the benefits of hiring a property manager. This is why in this article; we will break down both options to provide you with information on which option is the right choice for you.

property manager

About DIY Property Management

Even though some people will tell you when you’re just getting started with real estate investing that you should consider managing your rental properties yourself, the reality is that there is a lot of time and effort that’s involved with managing a successful rental property.

When you self-manage your rental property, all the responsibility falls upon you. You have to become an expert at everything including marketing, tenant selection/placement, maintenance, rent collection, customer service and so much more.

With all the wide variety of responsibilities that falls upon landlords these days, it’s easy to see why some landlords get burned out with managing their rental properties because owning a rental property becomes something like a second or third job for them.

DIY management of a rental property can lead to burning out quickly. This is why many landlords end up selling their investment properties within the first 1 to 5 years because they can’t continue with managing the workload themselves.

The Benefits Of Hiring A Property Manager

Some of the benefits that come from hiring property management companies are that they are going to save you the time, money, and hassle of managing your investment property yourself.

With a property manager, you can also count on them to stay current with all the latest landlord-tenant laws, be experts at tenant screening and placement, plus they’re also going to have an actual team of people to handle all aspects of managing your rental property including maintenance and customer service.

Some of the other benefits that come from hiring a property manager include:

Enables Growth – With the property manager managing your investment property, you’re going to have more time to focus on adding additional properties to your portfolio of investment properties.

Avoid Headaches – Another excellent reason to hire a property manager is that they’re going help you to avoid the common headaches that can come from managing rental properties yourself. These headaches also include getting calls from tenants during the night, weekends, or holidays, and having to chase tenants for rent when they don’t pay their rent on time.

They Know The Rental Market – Last of all, the most important, another reason to hire a rental management company include that they are going to know the rental market and have their finger on the pulse of what comparable rental properties are currently renting for.

Knowing what your rental property should be renting for is going to save you that time and hassle of having to research comparable rents yourself.

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