Property managers are the peace that renters and property investors don't know they need until they do. Imagine getting a call from a tenant at three a.m. stating they can't access their unit because the key code isn't working. As a resident, imagine no one answering your call at three in the morning while you're locked out.
There is a stark difference between a property manager and someone acting as the landlord for the property they're renting to tenants. There is a lot of work that goes into property management. As rents continue to rise, so does the quality of service tenants demand.
Are you wondering whether you should manage your property yourself or hire property managers instead? Learn more about it here.
Property Manager vs. DIY Management
DIY Management is another term for a landlord. Landlords are most often the owner of the property being rented. Landlords generally deal in single-family units. They may also have contracts with the Housing and Urban Development (HUD) to offer subsidized housing under Section 8.
In addition, the landlord has full responsibility for the upkeep of the property. They also collect the monthly rent.
Property managers can be someone who handles one property and assumes the landlord's duties. They can manage a multi-family complex or a portfolio of properties in this case. Or the property manager could work for a large property management firm.
Duties Associated with Managing Properties
Managing properties is a job that requires many hats. There is so much more to managing a property investment than the ability to buy property.
- Marketing the property
- Performing background checks
- Interviewing tenants
- Collecting rent
- Evicting tenants
- Property maintenance
- Security and more
DIY property managers and contracted property managers are responsible for protecting the property investment. This also means the owner's reputation and understanding of the rental industry. Having poor reviews can impact market value and the type of tenants the property attracts.
Why Should You Hire a Property Management Firm?
In today's real estate market, investors buy property to build their portfolios. These investors can own property across the country. They hire a property management firm for their expertise.
Plus, it frees them to do what they do best...invest in more properties.
If you only have one or two properties, being a DIY property manager might be the best fit. Otherwise, hiring a property management firm is the best option. They have the technology and resources to work with multiple renters, maintain properties, and earn the owner's income.
Give Your Property and Tenants the Best
Understanding the difference between DIY management vs. Property managers will help you make the best decisions. The size of your portfolio should lead your decision.
Is hiring a property management firm high on the to-do list? Blue Ribbon Property Management are premier property managers in the Fort Worth area.
Our experienced team members are excited to discuss our portfolio of services. Click here to schedule a consultation today.