As a landlord, deciding whether to manage your rental property yourself or enlist a property manager is crucial. Both options have their perks and pitfalls, and the best choice hinges on your time, experience, and priorities.

Self-Managing: The Pros
Opting for the DIY approach grants you full control. You select tenants, oversee maintenance, and maintain a close watch on your property. It can also be cost-effective, as you avoid management fees. For those with the time and confidence, self-management offers a hands-on approach with potential savings.

Self-Managing: The Cons
However, it can be demanding and stressful. From dealing with late-night repair calls to navigating legal responsibilities, there's a lot to handle. Mistakes in areas like deposit protection or serving notice could lead to costly legal issues. It's not ideal if you're pressed for time or unfamiliar with current legislation.

Hiring a Property Manager: The Pros
A competent property manager alleviates the stress of letting. They manage everything from marketing and tenant referencing to rent collection and repairs. Their expertise ensures legal compliance and swift resolution of any issues. For landlords with multiple properties or hectic schedules, it's a time-saving solution that offers peace of mind.

Hiring a Property Manager: The Cons
Naturally, convenience comes at a cost. Management fees can reduce your rental income. And while you're less involved, this can sometimes mean less visibility on daily happenings with your property.

Ultimately, the decision is about what suits you best. If you value control and have the time, self-management might be your path. But if you prefer a hassle-free, hands-off approach, hiring a property manager could be a wise investment. And if you need expert guidance, we're here to help with all your estate and letting needs.

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.