As some of you may know, I have a rental property and even though everyone thinks DIY may help save money, but it actually can cost a lot. I put in a lot of time, doing everything from advertising to showing and maintaining the property. These tasks can be very time consuming and sometimes end up costing me time away from work. The commute for me is far, because my rental property is more than 2 hours away from my home. Eventually, I got tired of dealing with bad tenants and hired a property manager. I only deal with him and he deals with the tenants. He takes a cut from me every month, but it’s worth the money, because it saves me time and frees me to do other things.
All Property Management has an infographic that explains DIY vs. Professional Property Management for landlords
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DIY I say stay away from if you can’t do a professional enough job. By time you add up the time it takes, cost of material etc, don’t think it would be much more expensive than paying a professional. Nice blog.
Hi Tan,
Thanks for the praise. I agree that many people forget to factor in the time, the professional’s expertise, connections, etc as part of the cost in DIY projects and those costs can be a decision-changer in these DIY vs Professional Property Management. Another huge advantage of hiring a PPM is that their cost can be claimed as a tax deduction, whereas your time is, unfortunately, not tax-deductible.