Property management is an essential part of real estate investment. There are pros and cons to the two options you have: doing it yourself or hiring a property management company like All County Legacy. Often, it can boil down to costs and your own personality. So, lets dive into some of the details of self management this week and next week we’ll cover what the advantages and disadvantages of hiring property management is.
Self management is when you are the only one responsible for your property. You get all the profits, but you also do all the work. Here are some pros and cons:
You don’t pay a property management fee. Because you are doing it all yourself, you are saving the cost of their services.
You also get to choose your own tenants. If you are very selective about who lives in your property, not hiring out to a property manager can make sure that you get to choose your own tenants, instead of relying on someone else to make the selection for you.
It’s a large time commitment. Many real estate investors are looking for a stream of income that does not consume their days. Fully managing their own property would take up quite a bit of time.
Additionally, you don’t have an expert on hand to ask questions to. You will have to keep your real estate knowledge current, to make sure that you are making smart decisions and following the law. Not only will your property manager have up-to-date knowledge, but they will also have connections and experience that will help you make financially sound decisions; something that could be harder for you to do on your own.
Next blog, we’ll look into property management. Taking a look at both ways to care for your property will help you make the best decision for you, which is most important for your investment business.
For more information about this topic, check out the article that inspired this post: https://www.biggerpockets.com/blog/property-management-vs-self-management#the-bottom-line-no-one-cares-about-your-properties-like-you-do