Deciding whether to hire a property manager or self-manage your rental property can significantly impact your income, workload, and overall state of mind.
This guide helps you weigh the pros and cons and make the right choice for your rental business.
A property manager handles the daily tasks of managing your rental property. They act as your stand-in with tenants and handle:
Handling tenant calls, maintenance, rent collection, and legal paperwork can eat into your life. A property manager frees up that time, especially if you own multiple properties or live far away.
Property managers often use proven screening methods to weed out risky tenants. They also know local rental trends, helping set competitive rents and keeping occupancy high.
They know local housing laws, fair housing rules, and eviction procedures. Plus, they have vendor networks and contractors on call for timely repairs and lower costs.
If anything goes wrong, you know a pro is handling it. That mindset alone is a big relief for many investors.
Most managers charge 8%–12% of monthly rent, and some add leasing, setup, or vacancy fees. That can significantly reduce profits, especially if rent is low or margins are tight.
You're handing off tenant selection, repair decisions, and rent enforcement. If they underperform, you might not know until later, or suffer from tenant complaints.
Not all property managers are equal. If you hire one with no track record or poor reviews, your tenants may end up unhappy, and your property could take damage.
Moving through a middleman can slow down the process. If they don't give timely updates or drop the ball, your investment could suffer.
Consider a property manager if:
Decide what tasks they must handle: rent collection, tenant screening, maintenance scheduling, or all of the above. That helps match you with the right service level and cost.
Check online reviews and ask fellow investors for recommendations. Look for managers with experience managing properties similar to yours and in your local area.
Some managers charge a flat fee, while others charge 8%–12% of the rent. Ask if there are leasing fees, vacancy charges, or maintenance markup. Get everything in writing.
Ask about:
Whenever possible, contact tenants who live or lived in properties they manage to get real feedback on responsiveness and service quality.
|
Factor |
Hire a Property Manager |
Self-Manage Yourself |
|
Time Commitment |
Low – they handle tasks |
High – you're responsible for everything |
|
Control Over Operations |
Medium – you delegate decisions |
High – you make all decisions |
|
Cost Impact |
Management fees cut into profits |
No fees, but you invest your time |
|
Tenant Screening & Legal Expertise |
Professional screening and compliance |
Riskier if you're inexperienced |
|
Help with Local Laws & Vendors |
Experienced network of trusted vendors |
Must build your own network and knowledge |
If your goal is to hire a property manager, start by:
If you choose to self-manage rentals instead, consider using tools like screening software, lease templates, and a list of trusted contractors. A handful of reliable resources can help you manage more like a pro.
Q1: How much do property managers charge?
They usually charge 8%–12% of monthly rent, sometimes more if they include leasing or setup fees.
Q2: Can I give a property manager only part of the job?
Yes. Some owners handle screening or rent collection themselves and let the manager do maintenance or legal tasks.
Q3: How do I spot a bad manager before hiring?
Check for negative reviews, lack of tenant communication, missing licenses or certifications, and reluctance to provide references.
Q4: Is hiring a property manager worth it if I only have one rental?
Only if you live far away, have limited time, or feel unprepared for landlord duties. Otherwise, self-managing may save money.
Overall, hiring a property manager makes sense if your time or location makes managing rentals tough or if you want professional backup. Self-managing rental works if you prefer maximum control, can invest your time, and own few rentals.
Choose the path that fits your schedule, growth plans, and stress comfort.