04 Mar Property Management vs Self-Management
What’s best, self-management or hiring a property management company? This can be a difficult decision to make regarding your property as both approaches have their pros and cons. The best option will differ for each person based on their individual strengths, needs, and requirements.
To help make the decision a little bit easier for you, here at Mayfair Property Management, we have put together a list of pros and cons to help you reach your conclusion.
- Managing your own property will mean you will save on initial costs of hiring a block management company which may be a large investment depending on your budget.
- You would also be able to be far more selective when it came to tenants of your building- this means you can choose tenants who you trust and who you think will pay on time, take care of the property etc.
- You will be able to personally keep on top of checks of the building and be in control of hiring third-party contractors to carry out work on the property. This means you’ll never be left out of important decisions and the worry or stress that may come with not knowing exactly what’s going on will be eliminated.
- One of the biggest pros with property management companies is that they have experience. They have the knowledge and expertise to run your property professionally without any mistakes.
- Minimises your time spent at the property and the stress that comes with that. They can handle the stressful parts of running a property such as collecting money from tenants or reporting and fixing any damage.
- A depth of knowledge and experience with contractors. They will know who is best to work with and who are trusted to work on your property both cost and time effectively.
- Those who choose to self-manage their property may not have the experience and knowledge that a third-party professional would. This is could affect the profit made from this property and be a financial burden rather than a success.
- It is a lot of responsibility to constantly keep on top of building checks, health and safety, the legal side and documents especially can be a very difficult task to manage without a professional
- Like with anything, hiring somebody else to take control of your property may result in them not completing the work how you’d like it. You may not have a good rapport with your block management company and that could affect the standards to which they manage your block.
If you need any more advice or have any questions, feel free to contact us today. We can help you.