DIY vs. Professional Property Management
Have you just been given the opportunity to invest in real estate? This could be a fantastic opportunity to supplement your monthly income with rental payments from tenants. If you’re thinking about managing the property yourself, compare the pros and cons of DIY property management and learn how hiring a professional company could be beneficial.
Pros & Cons of DIY Property Management
With your property purchased and ready to rent, you have a big choice to make: will you attempt DIY property management, or hire a professional company? The best decision may not be the same for everyone, so consider the pros and cons.
Pros of DIY Property Management
- Control: Managing your own property puts you in charge of tenant relations. You respond to their needs and keep a close eye on the property. If you like to be in complete control with no intermediary representing you, DIY property management could be ideal.
- Rental income goes straight to you: Without a property manager to pay, you pocket 100% of your tenant’s rent.
- Motivation to fill vacancies: No one has more motivation to fill vacant rentals than a DIY landlord. The question is, do you have the advertising prowess to attract the right tenants?
Cons of DIY Property Management
- Filling a vacancy is time-consuming: You’ll need to place ads, reply to emails, return phone calls, interview applicants, and meet with suitable prospects at the property for a tour. You might have to go through this process many times before you find the right tenant.
- Managing an occupied property is time-consuming: The demands on your time don’t end when you fill the vacancy. You’ll be expected to perform maintenance, inspect the property regularly, respond to complaints and emergencies 24/7, collect rent, and generally keep your tenants happy.
- Legal and administrative headaches abound: To manage your property legally, you must write a loophole-free lease, learn about Fair Housing laws, maintain proper records for tax purposes, and much more.
What a Professional Property Manager Does
As you can see, being a landlord isn’t easy, especially if you have a separate full-time job. Your attempts to save money could come back to bite you if you’re unlucky enough to rent your property to an unsuitable tenant, or if a maintenance disaster like a burst pipe happens on your watch.
With a professional property manager by your side, your responsibilities include:
- Understanding basic landlord/tenant rights
- Getting the right insurance to protect against unforeseen events
- Working with your property manager to finalize the right tenant
- Paying for renovations or repairs during vacancy periods (the property manager coordinates the actual work)
With this to-do list complete, you’re free to relax, work at your day job, or pursue other real estate investments to bolster your portfolio. In the meantime, here are the services your property management company provides:
- Property advertising
- Rental rate calculations
- Tenant screening and selection
- Lease negotiation
- Monthly rent collection
- Building repairs and maintenance coordination
- Property inspections
- Tenant requests and complaints
- Compliance notifications
- Eviction notices
- And much more!
Hire a Rental Management Company in Maryland
If you want to invest in real estate, but don’t want the responsibilities of a DIY property manager, let Tidewater Property Management remove this burden from your shoulders. With over 25 years of industry experience, we’ve had decades to master the finer points of managing rental properties. We’ll take care of the details so you can enjoy the financial benefits of your real estate investment.
To learn more about the property management services available from Tidewater, or to request property management services, please call us at (443) 548-0191(443) 548-0191 today!