Professional Property Management vs. DIY: Salem, Oregon Landlord Advice
Mendell Gosnell - Tuesday, February 10, 2015
The topic of our blog today is deciding whether you want to use professional property management services versus do it yourself management. The answer to this question really comes down to cost and whether you have the time and experience to do it yourself. On the one hand, professional management provides you with expertise and knowledge as well as time and resources. Generally, management is all they do. On the other hand, the old adage comes into play – no one will care for your property like you do. It’s really an opportunity cost.
If you decide to manage your property on your own, there are some things to be aware of. Sometimes, a do it yourself manager is so intent on keeping a property filled and avoiding turnover, they lose track of timely and appropriate rent increases. Or, in an effort to save money, they will let necessary repairs go too long. Or, they might not stay current with the changing trends, demographics and neighborhoods.
Our best advice to do it yourself managers is to treat your rental property like a business and an investment. Also, be aware of liability issues and risk. You should know the law and follow the rules, specifically fair housing laws and landlord tenant laws.
Doing your own maintenance is a great way to save money. However, when you hire outside maintenance repair people, it’s going to be hard to negotiate a good rate as a self-managing landlord. Professional management companies can save you a lot of money with in-house maintenance departments. A professional property management company will usually pay for itself. You will often be able to increase revenue, decrease expenses and limit the liabilities that come with rental properties and tenants.
A professionally managed property will also appreciate more over time. As you decide how to manage your property, think about what your time is worth and whether you have the skills and expertise necessary to maximize the potential of your property. No one will care for your property like you do – that’s probably true. However, no one is going to maintain and grow your property like a professional property management company will. Please contact us at Centurion Real Estate Management for more information on professional property management services and how they can benefit you.