One of the first questions for people entering the landlord game is whether to hire a property manager or manage the new rental themselves. As with everything in life, there are positives and negatives to each strategy. So let’s run through the issues that go into making this decision.
Read the whole article: Hire a Property Manager or Do It Yourself? | Zillow Blog.
We would like to add that the most important things to work on for the owner/manager who otherwise keeps the property in good shape and handles the office-side of things properly, including having proper insurance coverage of course, are as follows:
- Tenants who pay on time and in full
- Tenants who do not damage the property beyond normal wear and tear
- Tenants who do not disturb the other tenants
Those are not necessarily in order. It simply depends upon how egregious the circumstances. Therefore, tenant screening in general is critical. Loud, destructive, slow- or none-paying tenants will cost more than vacancies provided you don’t price yourself out of the market.