🏠 Property Management 101: Should Out-of-State Investors Self-Manage or Hire a PM?

Question

Should you self-manage your rental or hire a property manager? In this video, I break down everything out-of-state real estate investors need to know about property management in Columbus, Ohio — from costs and fees to how to vet a PM company before you hire one.

In this video, I cover:

✅ Self-managing vs. hiring a PM — which makes sense for out-of-state investors

✅ What a property management company actually handles (tenant placement, rent collection, maintenance, inspections, evictions)

✅ How to find a reliable PM company (referrals, reviews, track record)

✅ Columbus, Ohio property management fees for long-term, mid-term, and short-term rentals

✅ Leasing fees, renewal fees, renovation management fees, and eviction costs to expect

If you're investing remotely and don't want tenant calls turning into a second job, this video will help you make the right call for your portfolio.

📞 Looking to invest in Columbus, Ohio?

I specialize in helping out-of-state investors find Buy & Hold, BRRRR, Flip, and Short-Term/Mid-Term Rental deals. I've closed over $35M in real estate sales and 200+ investment transactions in the last two years.

👉 Ready to invest in Columbus? Reach out and let's talk strategy.

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David Santiago · Answer

I've been going back and forth on this exact question. I invest out-of-state (OOS) and have a demanding W2, so self-managing isn't really a realistic option for me—I simply don't have the time to build a reliable contractor list from scratch or handle emergency calls in a market two time zones away.

Because of this, I've been looking heavily into turnkey providers like Heartland Capital Group that focus on the Midwest. My thought process is that if a company handles the acquisition and already has established relationships with local property managers, it removes a lot of the initial friction of OOS investing.

But here is my question for the experienced OOS investors here: When hiring a PM, do you prefer finding and vetting a completely independent property manager on your own, or have you had success using the local PM teams that turnkey companies (like Heartland) partner with?

My main concern is ensuring the PM's incentives are fully aligned with mine as the buyer. What specific questions are you asking a PM during the interview phase to make sure they will actually protect your margins and not overcharge on maintenance?

Drew Sygit · Answer

Hmm, a turnkey operator makes a large sum of profit when they sell you a turnkey rental.

How much more are they really going to make playing PMC?

In the past we've taken over a LOT of properties from the original turnkey provider, who did a terrible job managing tenants.

If you stick with turnkey PMC, make sure you ask a LOT of questions about their systems and how they handle challenges and INFORM you!

Eric Fernwood · Answer

Hello Jimmy,

I am a realtor, have delivered over 600 investment properties, and own multiple myself. All my properties are within 10 mi of where I live. I manage none of my properties. I cannot afford to.

Many people believe the only value of a property manager is just collecting the rent. A good property manager provides far more value. Below are examples of what a good property manager provides.

• Property evaluation: Every property we consider is reviewed by the property manager we work with. She has saved us from buying many bad properties by identifying issues that were not obvious from the listing or inspection.
• Rent and time to rent: Before you buy, the two most important numbers are the expected monthly rent and how long it will take to rent the property. These determine your cash flow from day one. Our property manager provides both estimates and has been consistently accurate.
• Tenant selection: This is the most important skill a property manager brings to the table. Very few can consistently select tenants who stay for many years, pay on time, and take care of the property. Neither you nor I have the experience to do this as well as a skilled property manager. I have worked with many property managers and only two have this skill.
• Evictions: If an eviction is necessary, a good property manager will complete it as quickly as possible by staying on top of every stage of the process. They know every (legal) step and will save you money and time.
• Lease agreements: Legally enforceable lease documents are not downloaded from the internet or purchased at an office supply store. They must be kept current as laws change. Professional property managers belong to organizations that continuously update these documents to comply with current regulations.
• Legal compliance: Rental properties are subject to federal, state, county, and city regulations. Failing to comply can result in fines, lawsuits, or other penalties. I prefer to keep a knowledgeable property manager between me and my tenants.
• Renovation decisions: Renovation is tenant-segment specific. For one tenant pool, security bars on first-floor windows may be important. For another, granite countertops may matter more. Property managers know what features tenants in each segment expect. Renovating incorrectly can increase vacancy, reduce rent, and attract the wrong tenants.
• Maintenance: A good property manager coordinates all maintenance and has an established network of reliable third-party vendors who perform quality work promptly and at competitive prices. That saves both time and money.
• Collect rent: This is the obvious task that a property manager fulfills.

There are a few good property managers and many mediocre property managers. In my experience, most are overpaid, under-skilled, and little more than rent collectors. Very few have the knowledge and systems needed to maximize the long-term performance of an investment property.

Finding one of the good ones is not easy.

If anyone would like the process I use to identify skilled property managers, send me a DM.