Keep Local Prop Mgmt After Returning to the area?

3 Replies

I rented out my condo through a great property management company over a year ago since I was moving out of state. I've returned to DC and was recently informed my tenant is moving out to buy their first home. 

Since I'm local again, would you self manage the property and find the tenant yourself and forego the prop management company to increase monthly cash flow? Or would you stick with the management company? It's been a good experience and since I travel quite a bit, I like having the peace of mind knowing the prop is looked after...

I think you answered your question already....You travel a lot and it would be nice to have a property management company. You are lucky that you have found a good management company!

I'm definitely leaning towards keeping them. It'd just be nice to squeeze out another $185 a month!

Do you have a good lease, accounting software, intention to inspect the unit twice a year or more, online payment system (you'll want this since you travel alot), screening criteria, and ability to implement all of your policies and deal with tenant issues along with showings associated with vacancy? If that 2200 is worth it to you and you plan on maintaining the level of service you expect that your PM is giving your tenants and you, than go for it.. On the flip side, if you pocket the money and let the PM service suffer since you travel alot and can't answer tenant issues such as leaks and other important issues on a timely basis, then it may backfire and cost you more by neglecting your tenants and unit condition... I self manage and don't mind managing but I apply below principles pretty firmly. Good luck with your decision.

http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/