is using property management necessary?

I recommend managing for yourself if you are local and are a hands on type of person. In reality no one is going to take care of your property like you do. The hard part for hands on property owner/managers is that you need to remain professional at all times and manage your property like a business. You can not get emotionally involved in every decision you make about the property. If you can do this then you will be fine managing your own property.

If you opt not to hire a Property Management company, I suggest using some type of property management software. Most apps and software are very affordable and a huge time saver. Some even allow for online rent collection and keeps accounting straight. Good luck!

You have asked the question most people ask when they buy their first property. Having been in the business of rentals for almost 35 years I can tell you from my experience, that using a property manager can be a trying experience. It can also be expensive. I use Smart Property Systems which is property management software. It is very efficient, and automates most tasks. Everything you need for management is included. But you have to learn to use it and enter your expenses regularly for it to work optimally for you. If you need assistance the customer service people will help you and if you need guidance as a landlord, they will answer your questions with information about best practices. The only time I ever used a property management company it turned into a disaster for me. They did not do my turns, did a very poor (sloppy job on repairs) and embezzled money from my rents to buy supplies that were never used for my properties. But I know that there are good property management companies out there. If you decide to go that way, there are some very good people on this forum who can give you guidance as to what to ask when you interview a company. My suggestion is that you ask for a list of references of people who use their services and contact each one of them to discuss their results as owners. Hope this helps.

@Kortlin M Wheatfall There are pros and cons to having and not having property management. Like Larry said, if you are local and only have a few units then it is totally doable for just yourself to handle the details and tenants. However, if you don't necessarily have the time, then you could either use property management software or hire someone for what you need! Best of luck!

@Kortlin M Wheatfall If you are local and only have a few units, and you have the time/desire to handle the details, then no. In fact, I would recommend against it.

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