Should You Use a Property Manager or DIY Maintenance? The Pros and Cons of Each
As the owner of an income property, one of the choices you face is whether you will be responsible for the upkeep of the property yourself or whether you will investigate the possibility of working with a property manager.
When it comes to upkeep, there is no silver bullet for property owners in Northern Virginia because there is no “one size fits all” answer. It is dependent on your level of expertise, the amount of time you have available, and whether or not you live in close proximity to the investment property.
Should you then hire a property manager, or should you take care of the maintenance responsibilities yourself? Let’s take a more in-depth look at the advantages and disadvantages of each choice.
If You Are Able to Devote Enough Time to Maintenance
Hire an expert and you’ll cut costs in the long run.
Con: You will need to be on call for any maintenance difficulties.
Do-it-yourself maintenance could be more financially beneficial if you live or work in close proximity to the investment property, as well as if you have the time to devote to the project. Although engaging a professional to conduct maintenance activities can result in financial savings, this course of action is not without its share of drawbacks.
When you take care of the property upkeep yourself, you are effectively making yourself available to address any problems that may arise. Therefore, tenants will phone you in the middle of the night if there is a leak, and they will expect you to handle the issue. This is also true if a washing machine breaks down on the weekend.
If you are not positioned close to your investment property or if you simply do not have the time or ability to dedicate to regular and emergency maintenance difficulties, this choice is typically not an alternative that is practical for you.
When You Can’t Get Together Due to Lack of Time or Distance
Benefit: You may rest easy knowing that your property’s maintenance is being handled by a trained expert in the area.
Con: The service comes with a required monthly payment.
If you live a significant distance away from your investment property, or if getting there is difficult due to heavy traffic, it may make more sense to hire a property manager.
A property manager can relieve some of the stress that you experience as a landlord by acting as the point of contact for your tenants in the event that there is an issue with the property. However, you will be required to pay a monthly fee for their services. This eliminates the need for you to spend your evenings and weekends searching for a plumber or fixing broken doorknobs, freeing up more time for other activities.
If you don’t live in the area, hiring a property manager can make it much simpler and less expensive for you to find local professionals who can assist you with maintenance when it’s necessary. Local businesses that have been around for a while are more likely to have a network of experts that they can call on in an emergency, which will save you both time and money while also safeguarding your investment.
If you lead a busy life or live in another location, hiring a professional property manager can provide you with the peace of mind you need to ensure that your investment is being managed effectively.
To All the New People Who Own Rental Properties
Protecting your investment is a plus.
Con: You will have less of a hand in the process of managing the property.
If a new owner of an income property does not have the knowledge or experience to handle maintenance at the property, they may find it beneficial to hire a professional property management company. This is especially true if the new owner does not possess the skills necessary to handle maintenance at the property.
Additionally, hiring a property manager can assist in protecting your investment because these professionals are well-versed in the intricacies of property management and are able to ensure that your investment continues to generate a profit. A property manager will know how to screen potential tenants, will make sure that the unit complies with the local housing code, and will assist you in determining whether or not the rent you are charging is fair market value.
Keeping tenants happy and reducing vacancies are two of the most important things that can be done to ensure the financial success of new owners of income properties, and a reputable property management company can assist new owners in doing both of these things.
Although you, as the landlord, will have less involvement in the process of property management, many companies offer customizable services so that you can be as involved as you would like. This can be accomplished by taking on certain tasks that work for you while leaving others to your property manager.
You May Not Need as Much Money as You Believe to Employ a Property Manager.
If you compare the cost of hiring a property manager to the cost of performing maintenance on your own, you’ll find that employing a property management business is far more reasonable than you might imagine. Get more information about the property management services that we offer for landlords in Northern Virginia by getting in touch with Woods Property Management right away.