EP22: Should You Self-Manage or Hire a Property Management Company?

In this episode, we break down the decision-making process for real estate investors on whether to self-manage their properties or hire a property management company. We cover key factors like personality, finances, and the legal side of property management.

Key Takeaways:

• Personality: Can you handle tough decisions like evictions?
• Financials: Consider if giving away a large portion of your profits to a property manager makes sense.
• Time Commitment: Managing property managers can take as much time as managing properties yourself.
• Legal Understanding: Know landlord-tenant laws and fair housing regulations to avoid legal issues.
• Vacancy Costs: Property managers may benefit more from vacant properties, so stay on top of it.
• Systems Matter: Having a solid system in place makes self-management easier.

Resources/Links:

• Legal Resources: For learning about landlord-tenant laws, check out Nolo’s Landlord & Tenant Law (www.nolo.com/legal-encyclopedia/landlord-tenant)
• Tenant Screening Tools: Use platforms like Zillow Rental Manager (www.zillow.com/rental-manager/) or Facebook Marketplace (www.facebook.com/marketplace/) to advertise properties and screen tenants.
• Property Management Companies: Compare services and fees by visiting Buildium Property Management Services (www.buildium.com/).

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