While there may be some value in taking on projects yourself, it’s a good idea to look closely at the pros and cons first.
For people who are too busy to handle their own property management, it’s an easy decision to call on the experts like Cousin James Management. From the start, they take the reins of maintenance, management, and generally overseeing your rental property as if it were their own. Some people, however, choose to do it themselves. Why is that the case?
There are several reasons some people want to take on the tasks of managing their own property. Following are what most people agree are the top reasons.
- Save Money
Number one on the list is saving money. In many cases, doing it yourself can often be less expensive than paying someone else to do it.
- Sense of Accomplishment
Some people enjoy the experience of completing a project on their own and feeling a sense of accomplishment that comes with it.
- Learning Experience
There’s a certain value attributed to trying something new because of the learning experience, even if little is known on the how-to side.
- Have Control
Being in control of a situation is keenly important to some people. By doing it themselves, the project can be evaluated with each step of the process.
- Rewarding for a Combination of Reasons
The satisfaction of a DIY experience may have a combination of any of these reasons. For some people, giving it a shot will determine whether they continue to find the time, energy, and pleasure of making DIY an ongoing choice.
Skills and Know-How
Suffice it to say that if you have the skills to undertake a maintenance project on your rental property, you have an obvious advantage. However, if you do not possess the skills and know-how to get the work done properly, you are creating frustration for yourself and possibly preventing the work from being completed.
Time and Energy
If you’re fortunate enough to have the spare time and energy to take on a do-it-yourself project, that’s a positive scenario. By not feeling the crunch of time to finish out the job, you can enjoy the experience and learn from it. Maintenance and management of rental property makes a big demand on your physical energy, so allowing time to set your own pace is an advantage.
Cost of Materials, Equipment, Appliances
Depending on the maintenance or update you might be doing on your rental property, consider what materials, equipment, and/or appliances you will need. Having access to discounts on these items is not something everyone enjoys. On the other hand, if a property manager is handling the work, they generally have built-in discounts from resources they have established business relationships with, sometimes even at wholesale prices.
Property Status – Vacant or Rented
It’s much more efficient to do maintenance or updates on rental property if it is vacant.
The work can be completed much faster, too. When you have tenants in the property, it becomes more complicated to schedule the best time for doing the work. Many people work from home these days or perhaps they have young children at home. Consider how your efforts might be impacted when performing work on rented property.
Advantages of a Property Manager
You may never need a property manager to help you with your rental property and if that’s the case – congratulations! You’re definitely in a smaller percentile than many property owners. However, if you have tried the self-management route and found it to be more demanding than you first realized, give us a shout at Cousin James Management. We have the real estate expertise, the expert contractors and technicians, and a reliable reputation you can count on.
We’ve been serving property owners in North Texas for more than 25 years and fully understand what management and maintenance entails. If you’ve not use a property manager before, download our helpful checklist, How to Select the Best Property Management Company, which will provide answers to your questions. If you would like more information about Cousin James Management, contact us at your convenience. We’re here to help.