Self-manage or hire a PM? What I learned managing my own rentals

Realtor · Columbus, Franklin County · Member since 2026 · 25 posts · 5 votes

I self-managed my rentals for years. Here's how I'd decide:

- Self-managing is worth it if you're local, have reliable trades, and treat it like a business: written screening criteria applied the same way every time, a solid lease, move-in photos, and a set maintenance response time.

- Hire a PM if you're out of state or your time is worth more elsewhere. Get the full fee picture in writing: monthly %, leasing, renewals, maintenance markup, and early-termination terms. Ask for days-vacant stats and owner references.

- Either way, renewing a good tenant slightly under market usually beats turnover, which costs a vacant month plus paint, flooring, and leasing.

Owners, what's the one question you wish you'd asked your PM up front?

0 Reply

308 views

Most Popular Reply

Clever Mukori

Member since 2026 · 40 posts · 17 votes

12h

BJ, the repair-approval question is well covered here, so mine would be: "Can I see a sample owner statement from a real (redacted) owner?" It shows you right away whether repairs come through as one lump line or with the vendor's own invoice attached, which is the only way to spot a maintenance markup after the fact. I'd also ask how much of my money they hold back as a reserve, what day each month the owner draw goes out, and what happens to that reserve and the tenant's deposit if I ever leave. Those answers tell you more about how a PM will treat you than the fee percentage does.

1 Reply

See this reply in the discussion

10 Replies

Jump to latestLatest

Sort by

Randy Schell
Member since 2026 · 142 posts · 16 votes
1d
Self managing can feel lonely at first, especially when a 2am call lands on you. For me the thing that took the most weight off was knowing my own limits early and being okay with asking another owner for a second opinion.
Randy, Bunklow
0 Reply
- BJ Everson
  OP
  Realtor · Columbus, Franklin County · Member since 2026 · 25 posts · 5 votes
  1d
  Fully agree! My firm PM's over 450 units and does take the stress off 100%. As long as the math works to have the PM in place and your portfolio is 4+ units I'm all for a PM so I can focus on the front-end and going after more acquisitions.
  1 Reply
Jim Johnson
Real Estate Agent · Memphis · Member since 2026 · 606 posts · 353 votes
1d
One question I'd ask upfront is, “What happens when a repair comes up, and at what point do you need my approval?” That's where misunderstandings can happen, especially when an owner gets a bill for work they weren't expecting. Better to know how those decisions are handled before signing the management agreement.
0 Reply
- BJ Everson
  OP
  Realtor · Columbus, Franklin County · Member since 2026 · 25 posts · 5 votes
  1d
  Yes, that’s where a lot can go wrong. But my PM firm sets a limit on the amount a repair can be (usually $500) where we can operate without waiting for owner consent but above that needs owners review and approval. What gets difficult there for the PM is a slow response time from the owner and repairs can’t happen timely and the tenant gets unhappy. Balancing act for sure
  0 Reply
Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1d
What I did not realize, if you were to manage a rental, is whether you use a system. For example we use Buildium and you can pay extra per month to have a hotline/phone number where they'll answer the call. Based on the type of service that is needed from the tenant, they will coordinate the vendor by putting the ticket into the system and notifying the vendor to go perform the repair.
I did not realize that type of service existed, and for people who self-manage small portfolios, it seems like a pretty good deal. But if you evaluate that price compared to what you would pay in property management fees, most likely you would only do it if it had very good savings
7e investments53 Reviews
Website View Page
0 Reply
- BJ Everson
  OP
  Realtor · Columbus, Franklin County · Member since 2026 · 25 posts · 5 votes
  1d
  I haven’t heard of that offering and sounds pretty convenient! What’s the pricing on that service?
  0 Reply
Divin KanyamaBusiness Member
Accountant · Seattle, WA · Member since 2025 · 618 posts · 254 votes
1d
@BJ Everson Having both self-managed rentals and properties with a PM, I agree there isn’t one right answer for every property. Self-management gives you more direct control, but you’re also the person coordinating repairs and keeping things moving. A PM can take a lot off your plate, especially at a distance, but it doesn’t remove the need to stay involved as an owner.
The question I’d put at the top of the list is how repairs are handled—from the tenant’s first call through owner approval and the final invoice. I’d want the spending limit, emergency exceptions, any maintenance markup, and communication expectations spelled out before signing. The monthly fee matters, but so does knowing when you’ll hear about an issue and who can authorize the work.
I’m with you on keeping a good tenant, too. A modest rent increase can look better on paper and still leave you worse off if it leads to vacancy and turnover costs. Whether I’m managing directly or working with a PM, I’d rather look at the overall outcome than chase the highest possible rent. Clear expectations and consistent follow-through matter in both setups.
[email protected]
WEMBO CPA532 Reviews
Website View Page
0 Reply
- BJ Everson
  OP
  Realtor · Columbus, Franklin County · Member since 2026 · 25 posts · 5 votes
  1d
  Great comments and totally agree! Think the best move is to self-manage at first so you learn how it’s all done and works and what to expect. Then, you know how to manage the PM with that knowledge and build expectations with them.
  0 Reply
Clever Mukori
Member since 2026 · 40 posts · 17 votes
12h
BJ, the repair-approval question is well covered here, so mine would be: "Can I see a sample owner statement from a real (redacted) owner?" It shows you right away whether repairs come through as one lump line or with the vendor's own invoice attached, which is the only way to spot a maintenance markup after the fact. I'd also ask how much of my money they hold back as a reserve, what day each month the owner draw goes out, and what happens to that reserve and the tenant's deposit if I ever leave. Those answers tell you more about how a PM will treat you than the fee percentage does.
1 Reply
- BJ Everson
  OP
  Realtor · Columbus, Franklin County · Member since 2026 · 25 posts · 5 votes
  7h
  That’s a solid comment right there, thanks!
  0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.