The Pros and Cons of DIY Property Management vs. Hiring a Professional Company

Marwest Property Management

May 20, 2023

Property Management

Managing a property can be a daunting task for any investor. From tenant screening to rent collections and maintenance, property management is not for the faint of heart. In fact, many investors question whether they should take on property management themselves or hire a professional company to do the job. While there are advantages and disadvantages to both, it depends on your situation and your experience.

To help you make an informed decision, we’ve outlined the pros and cons of DIY property management vs. hiring a professional company.

1. Time

One of the biggest advantages of hiring a professional property management company is that it saves a lot of time. When you have a company handling everything, you can sit back, relax, and not worry about the day-to-day tasks involved in managing a property. However, going the DIY route means you’ll have to handle all the tasks yourself, which can be very time-consuming. The cleaning, repairs, tenant interactions, and other tasks can take up a lot of your time, especially if you have multiple properties.

2. Cost

DIY property management can save you money since you won’t be paying for any services. However, when trying to fix something that’s broken, you might end up buying the wrong parts and spending more money in the process. On the other hand, professional property management companies will ensure that everything is done efficiently, saving you money in the long run. Additionally, professional management companies have access to discounts, making it cheaper than trying to handle everything on your own.

3. Tenant Screening

If you decide to go the DIY route, you’ll be responsible for all tenant interaction, including screening your potential tenants. It can be challenging, especially if you don’t know what to look for. If you hire a property management company, they’ll ensure that your tenants are thoroughly screened before signing the lease agreement. Professional companies have access to an extensive database of potential tenants, which means that they are more likely to find a perfect tenant for your property.

4. Maintenance

Being a landlord comes with lots of maintenance responsibilities. If you opt for a professional property management company, they’ll handle any maintenance that needs to be addressed. The company will handle maintenance requests, checkups, and repairs while making sure everything is done using the appropriate methods. However, if you do it yourself, you’ll need to handle everything. In addition, you’ll also have to spend some time researching the most convenient and cost-effective methods of handling the maintenance tasks.

5. Legal Knowledge

Property management comes with legal responsibilities, and having no legal knowledge can be quite disadvantageous. A professional property management company has experienced personnel who will handle any legal issues that arise appropriately. However, when managing your property yourself, you’ll have to learn how to handle any legal issues that arise while ensuring that you comply with all the legal requirements of property management.

DIY Property Management

There are pros and cons to both DIY property management and hiring a professional company. The decision lies solely with the property owner. However, we do recommend you consider your level of experience, time availability, and financial situation when making your decision. If you’re new to property management, it may be beneficial to work with a professional company until you gain more experience. Alternatively, if you have fewer properties to manage and are experienced in the industry, DIY property management may be a more cost-effective option. Whichever option you choose, make sure it’s the one that will save you time and money while also guaranteeing the safety and comfort of your tenants. If you need assistance deciding whether hiring a property management company is right for you, get in touch with Marwest Property Management today. We would be more than happy to help you out!