There is obvious advantage when homeowners do their own property management, that of being able to save a lot on rental management fees. Consider the fact that renting a unit at $700 will boil down to 10% lesser this amount because $280 will go to rental management. If you as the owner do the management yourself, you will have all the amount in your cash flow giving you a yearly savings of $3360 – not bad at all when this gets compounded by the number of properties you get rented out. With ready cash, you can budget for other expenses especially for repair and maintenance for your own property. Being involved in everything you can choose your supplier and sub contractors balancing quality and right price. You don’t have to blame anyone when things get out of hand because in the first place, you have been actively involved in the process to avoid making common mistakes. Another example of its cost effectiveness is the fact that plumbing service via property management may cause you a hundred dollars which you can get for a cheaper amount if you don’t go via agency. Do it Yourself property management is ideal for property as a retirement investment and all the work that you have to do yourself will not get in the way of efficient service to your clients and customers. This makes a lot of sense because it is one way to have cash flow.
However, you cannot also deny the effectiveness of having a good property management especially if your property is meant to be an income generating business. When it comes to clientele alone, many clients seek rental properties from management companies and rarely from owners. So when it comes to filling up those rental rooms in no time at all, owners find rental management fees worth the business that they receive form these management companies. These companies have the advantage of expertise and years of experience so they will know what do if there unrented rooms or apartments are left in your property. DIY rental management may cause the owner problems and hundreds of dollars not to mention the many opportunities in terms of clientele. This is why serious businessmen invest in rental management fees. As an owner you will have more time looking for further investments so as to grow your business instead of losing your time and effort to menial things.
If you have questions regarding rental management, feel free to contact us