Self Manage vs Hiring a Property Managers

[Gregory Schwartz]

I’m curious to know who on BP takes the DIY approach to property management and who hires it out.

I’ll start... My name is Greg, and I’m a control freak. I’ve been self-managing my 25 units since 2019.

[Marc Winter]

Quote from @Gregory Schwartz:

Quote from @Marc Winter:

@Gregory Schwartz, the number 25 units made me think back and chuckle: that's exactly the point in my acquisitions that I started a management company to help others and myself.

Of course, control=time+work+mental processing.  Oh, let's not forget emotional control.  When it's your own money on the line, it can occasionally get emotional.

Control is always an issue in management.  

For your self-managed system it starts from square one.  Tenants>maintenance>contractors>bookkeeping>vacancies>evictions, on and on.  You have the honor of being in charge of everything.

All the above issues proved to be too much work for me after 25--30 properties. 

Property management system: You can choose your niche (or none at all).

When overwhelm set in, we founded Landmark Management Services, and since part of my background is in renovations and construction, I only had to 'control' maintenance and contractors.  Other daily issues were handled by our staff.

When you grow to a couple, two-tree hundred units, you'll understand just those couple tasks are more than enough. 

Good Luck!

 I worked in a unique property management company. We managed 600 residential and 60 commercial units, all owned by a single man who also owned the company. I learned a lot from him.

1. No one will ever care about my investments as much as I will.

2. Building out systems to effectively manage is crucial, even early on.

3. Vacancies SUCK! (his favorite saying). 

 Good points, Gregory!  That's why we started our own management company--see your #1 statement.