Should You Self Manage Your Rental Property or Hire a Property Manager?

One of the first decisions many rental property owners face is whether to manage their property themselves or hire a professional property management company.

The answer depends on your goals, your availability, and the level of involvement you want to have in managing your investment.

Many owners successfully self manage their rental properties. Others prefer having an experienced team oversee the day to day responsibilities while keeping them informed along the way.

Understanding what's involved with each approach can help you decide which option is the best fit for your situation.

Self Managing Your Rental Property

Self management can be a great option for owners who enjoy being actively involved in their rental property.

It may be a good fit if you:

• Enjoy making the day to day decisions involved in managing your property.

• Have the time to coordinate maintenance, communicate with residents, and manage lease renewals.

• Are comfortable staying current with Idaho landlord tenant laws and consistently enforcing your lease.

• Have established relationships with local contractors and service providers.

• Prefer direct communication with your residents.

For many owners, self management provides flexibility and a greater level of involvement in their investment.

Hiring a Property Management Company

Professional property management may be a better fit for owners who prefer to have an experienced team manage the daily responsibilities of their rental property.

It may be worth considering if you:

• Own multiple rental properties.

• Live outside the Treasure Valley.

• Prefer not to coordinate maintenance, leasing, and resident communication yourself.

• Want established systems for marketing, screening, maintenance, and financial reporting.

• Value ongoing support from a local property management team.

Hiring a property manager doesn't mean giving up visibility into your investment. It means having experienced professionals managing the day to day operations while keeping you informed.

Property Management Involves More Than Collecting Rent

Collecting rent is only one part of managing a rental property.

Professional property management also includes:

• Rental pricing and market analysis

• Marketing vacant properties

• Resident screening

• Lease preparation and administration

• Rent collection

• Maintenance coordination

• Owner and resident communication

• Bi annual interior walk throughs

• Quarterly exterior property surveys

• Financial reporting

• Move out coordination

Whether you manage your property yourself or hire a property management company, these responsibilities all contribute to the long term performance of your investment.

Explore our Property Management Services

Considering Your Time

Monthly management fees are often the first cost owners evaluate, but they're only one part of the decision.

It's also worth considering questions such as:

• How much time do you want to spend managing your rental property?

• Are you available to respond when maintenance issues arise?

• Do you enjoy coordinating vendors and communicating with residents?

• Are you comfortable keeping up with changing laws and industry requirements?

• Would you rather manage the details yourself or have someone else handle the daily operations?

Every owner's answer will be different, and that's okay.

Which Option Is Right for You?

Some owners genuinely enjoy managing their rental properties, while others prefer partnering with a professional property management company.

Neither approach is right for everyone.

The important thing is understanding the responsibilities involved and choosing the option that best aligns with your investment goals, your availability, and the ownership experience you're looking for.

How RentWise Can Help

Whether you're considering professional property management for the first time or simply exploring your options, we're happy to be a resource.

At RentWise, we provide full service residential property management throughout the Treasure Valley, including marketing, resident screening, rent collection, maintenance coordination, financial reporting, and regular property walk throughs.

If you'd like to learn more about our process or discuss whether professional property management is the right fit for your investment, we'd be happy to answer your questions.

Request your Free Rental Analysis or explore our Property Management Services.