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  • Writer's pictureJohn Williams

Should I Self-Manage My Rental Property?

Updated: Dec 21, 2023


Tenants opening the door to a rental property
Should I self manage?

You may be asking yourself... Should I self manage my rental?


It depends!


If you really enjoy all aspects of property management, you should consider self-managing! As long as you are aware of what you’re getting yourself into (the legalities of contracts, fair housing laws, finding and screening quality tenants, coordinating repairs with great vendors,

etc.), self-managing a property can be a rewarding and challenging task. One way or another, it will definitely be a great learning experience! However, if you’d like to be more hands-off and entrust your property to a professional, here are some things you can expect when working with a great property manager…



Communication!


Your property manager should over-communicate every step of the way. Your relationship with them does not end once you sign a management contract … that is when the relationship begins! They should communicate to you the status of their tenant screening and placement efforts, market trends and research, work orders, vacancies, lease renewals, and rent increases. Your property manager’s job is to keep you informed and educated, empowering YOU to make the best decisions for yourself and your investment.



Investment Consultations!


Your property manager should consult with you to determine your investment goals so they can tailor their services to meet your needs. Do you have plans to sell in the future? What is your monthly mortgage payment? What are your cash flow goals? Are you considering improving your property in order to increase the rental rate? These are the kinds of questions you should be discussed when meeting with your property manager. A great property manager is also an advisor and local-market expert. Regular consultations to review investment goals are a “must-have” when it comes to interviewing property managers.


Selling and Buying!


A full-service property management and real estate company should also be a great source of buying and selling. Whether you’d like a direct offer on your investment property, or you’d like to list it on the market, your property manager should be an expert in selling tenant-occupied properties. On the other hand, if you’re interested in buying more rental properties, they should be actively providing you with those opportunities!



Are you still on the fence about whether to self-manage or pass the reigns to a professional manager? It doesn’t hurt to conduct a few phone interviews or visit a few offices in person. Come prepared with some questions and pick the brain of your property manager to see if they might be a good fit for you and your investment needs!


Ready to meet your property manager?


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