PM or no PM
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
1yI think KCMO is considered a landlord-friendly location.
A professional property manager can significantly improve an investor's life by streamlining operations, maximizing profitability, and reducing stress. Here are just 10 ways they add value:
- Tenant Screening & Placement: A professional manager screens hundreds, maybe thousands of applications per year. They are far better at tenant selection than the average landlord that screens a few people per year.
- Efficient Rent Collection & Enforcement: I spend a ridiculous amount of time answering questions from investors that have no idea how to handle late rent, unpaid rent, and other pay issues. A good PM is efficient with solid policies in place that enable them to act quickly and prevent things from getting out of hand.
- Legal Compliance & Risk Management: A good PM knows the law and protects you by obeying it. They have solid lease agreements designed to protect you, your income, and your property.
- Property Maintenance & Repairs: They have a network of vetted, licensed, insured contractors that can respond quickly and do the job right the first time.
- Minimizing Vacancy & Maximizing Occupancy: Their marketing reduces vacancy time. Their services increase the odds of tenants renewing and staying longer.
- Handling Evictions & Problem Tenants: A good PM handles problems quickly and efficiently. I manage 400 rentals and have only evicted one tenant through court in the last ten years. When a tenant causes problems, I can remove them six ways from Sunday, typically much faster than the courts could do it.
- Financial Management & Reporting: It may seem small, but accurate accounting is important and not in the tool box of most investors.
- Market Knowledge & Rental Rate Optimization: Understanding the market is critical to maximizing returns. The PM will know more about rent rates and trends, ensuring your property is rented for top dollar. Many of my landlords saw income increases after hiring me because I brought them up to market rates.
- Time & Stress Savings for Investors: A PM will handle the work so your time is free to focus on family, hobbies, growing your portfolio, etc. You won't get calls at 11:30pm on a Saturday reporting heat is out when the temperatures are -17 degrees.
- Increased Long-Term Property Value: "Nobody will care about my property better than me!" This is a common fallacy. In my experience, most mom-and-pop investors lose a lot of money due to poor management of tenants, as well as poor/deferred maintenance. A good PM protects your monthly income and your overall property value.
A skilled property manager will protect your property, income, time, and sanity. Doing it yourself will work, but it takes education, time, and effort to achieve success.
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28 Replies
- 1yJosh SedivyBusiness MemberSt. Louis, MO · Member since 2024 · 134 posts · 55 votes
That’s a great question, and you’re asking the right things upfront. Deciding whether to self-manage or hire a property manager (PM) depends on your time, experience, and tolerance for tenant interaction and local regulations.
Here are some advantages of Using a Property Manager:
-A good PM has processes to thoroughly vet applicants or guests, which can help you secure stable, responsible tenants, even in a neighborhood near universities where turnover can be higher.
-They stay on top of landlord-tenant laws, including the Tenant Bill of Rights, and ensure your lease and practices are fully compliant to reduce liability risk.
-PMs usually have vendor relationships and can handle requests quickly, keeping tenants happy and your property in good shape without you having to coordinate.
-They’ll handle payment tracking, enforce late fees, and provide detailed monthly statements for easy accounting.
If things ever go south, an experienced PM will know how to navigate the eviction process legally and efficiently.
Just make sure to find a good PM. You can ask for referrals, check online reviews, and ask all your questions so you can check if they communicate proactively.
If you're not interested in managing the manager, it’s especially important to hire one with a strong track record and good communication. It does come with a cost, but many landlords find it more than worth it for peace of mind. - Member since 2025 · 14 posts · 3 votes1y
From experience working at a property management company, I think it's a personal preference on how involved you want to be!
If you want someone to handle almost everything, PM will make your days easier!
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