Chicago Property Management Blog

Should I Manage My Own Rental Property?

Should I Manage My Own Rental Property?

There’s definitely a lot to consider when deciding whether or not you should manage your own rental property. 

From marketing your property, screening and placing a tenant, managing maintenance, showing your property and more - there’s a lot that goes into successful property management. 

Benefits To Managing Your Own Property

It’s true there is some benefit to managing your own rental property - which is that you get to keep all the profit. 

If you’re willing to set aside some capital for problems and emergencies, very familiar with the local laws, and available 24/7 - managing your own property might be something you don’t need a professional Property Management company for. 

Are You Willing To Invest The Time Needed? 

Be honest with yourself, quality management takes time. 

Unless you grew up in a family who rented out properties - you’ll likely need to invest a good amount of time learning the skills and legal information. 

Will you be willing to read books, listen to real-estate podcasts, talk with other local landlords, and set aside money for “learning” expenses? 

You will also need to talk to an attorney about contracts, state and city laws, and other legal parameters for renting your own property out. 

Keep in mind, it will always take more time and money that you expect to put in. Make sure to over-budget for this. 

Property Management Doesn’t Mean The Investment is 100% Passive

Are you prepared to be available at 2am when the water heater breaks? 

Are you comfortable dealing with a tenant who runs late on a payment here and there? What about damage repairs? 

Do you have a strategy for placing a new tenant? How will you find them? Do you have screening tools? 

Managing these factors ineffectively can cost you thousands of dollars out of pocket. 

Benefits Of Choosing A Property Management Company

A good Property Management Company will have the comprehensive tools to market for quality tenants, run background checks, and adhere to legal standards. 

Professional Companies will be able to find, screen and place tenants much faster than yard signs, or Facebook or Craigslist postings. And if they manage a larger portfolio of properties they will have the bulk advantage and be able to negotiate lower rates for maintenance, cleaning and more - saving you time and money.

Depending on your unique property and rental goals, you may find that hiring a good Property Management company will save you time and money. 

Finding The Right Property Management Company

Finding a company that cares about your property as much as you do can be hard. Working with a PM company should give you peace of mind - not headaches. 

So make sure if you do look into working with a PM, that you can have an honest conversation about your needs, concerns, and have all your questions answered. Stay tuned for our future blog post on What To Ask When Hiring A Property Manager.

Make sure you’re clear on what fees they charge, how their pricing structure works, and do your due diligence on their reputation (reviews). 

Making The Right Decision

If you’re questioning whether or not hiring a PM Company is the right choice - fill out our FREE Rental Analysis.  We will give you a personalized market report for your property so you can get detailed information on your property’s potential.