Renee Powell, I have been worker for an investor  (DW Investors)

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Rainmaker
4,863,072
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

hire a property management company.... I had 23 units at one point and managed them myself because I was young and energetic.... and not too bright!!!! hire a company, especially today with so many laws in favor of the tenants....

can't take the front door off the hinges anymore.... 

Jul 31, 2018 01:54 PM
Rainmaker
382,172
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I do not want to deal with property management.  I would hire it out.

Jul 31, 2018 02:05 PM
Rainmaker
1,503,980
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

There are a few benefits to each way:

PM = you never have to hear your tenants voice or whining.

YOU = unlisted phone # after a few months, people calling you because a light bulb is out at 3am. You WILL save money but you might get grey hair in the process.

MIRACLE = nice tenant who doesn't bug you.

Jul 31, 2018 04:06 PM
Rainmaker
1,441,883
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

You just got to real estate. 

Do it yourself. 

Make money and learn. It will bring you more customers. 

Wishing the best!

Jul 31, 2018 04:01 PM
Ambassador
1,609,760
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I'm all for professional property management. You need a buffer and you need a life.

Jul 31, 2018 02:30 PM
Rainmaker
1,023,012
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Hire a property management company.  

Jul 31, 2018 03:35 PM
Rainmaker
679,454
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Depends on what you're doing with the rest of your life. I do not have the intestinal fortitude to deal with tenants. I know many who do successfully. My best friend, a real estate broker, is also mama kitty to two dozen sets of her own tenants and handles her real estate business just fine. She loves it. But she has the temperament for it.

Jul 31, 2018 03:27 PM
Ambassador
2,343,739
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Property manager.

  If you DIY:

  Make sure that you are properly Insured (you, and the owner, and the properties).

  Have a thorough knowledge of Landlord-Tenant laws, Lease laws, etc.

  Have a go-to real estate attorney.

  Have plumbers, electricians, HVAC people on speed dial.

Jul 31, 2018 03:26 PM
Rainmaker
1,276,257
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

In general, I would say hire a management company.  They know the laws and provide a layer of legal protection between you and the tenants. 

Jul 31, 2018 01:58 PM
Rainmaker
1,209,949
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It depends on your experience, how many properties, what else you have going on, state laws, how involved you want to be, how much trust you want to give, etc.

 

Personally, I have a handful of rentals and I manage them all myself.  I can list them for lease, sign up the tenants, and I enjoy the involvement and not having a third party between me and the tenants.  I have all single family homes though.  If I had 16+ unit multi-families it would be a different story.

Jul 31, 2018 04:50 PM
Rainmaker
1,134,884
Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

I would strongly recommend a reputable property management company to handle. 

Jul 31, 2018 03:33 PM
Rainer
5,007
Renee Powell
DW Investors - Benson, UT
I have been worker for an investor

I am currently working for a property investors who ownes some properties and I take care of the issues of the properties and the tenants. I really like my job, but I do know that there are down sides to managing properties. 

Jul 31, 2018 01:54 PM
Rainmaker
2,969,249
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

That would depend on each individual circumstance.

Jul 31, 2018 01:53 PM
Rainmaker
761,447
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

We don't deal with rentals and so when we owned our own investment properties we hired a professional to manage them for us. But we know people who do both and who are agents who also property manage for others. Depends on your own threshold, knowledge and circumstances. We didn't want to deal with it. -Kasey

Jul 31, 2018 07:51 PM
Rainmaker
982,078
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

After managing a couple thousand doors you get a system working and if you have electricians, plumbers, painters, handypersons, attorneys, flooring specialists, an appliance connection & a cleaning crew at the ready there's no problem. If not hire a property management team and forget about that 18%.   

Jul 31, 2018 07:05 PM
Rainmaker
3,162,500
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Number of units involved, type of tenancy quality, etc. Odds are you want a professional!

Jul 31, 2018 05:02 PM
Rainmaker
910,227
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

So many factors and questions to consider/ask before that can be answered. I self manage, but meet many who shouldn't!

Jul 31, 2018 06:18 PM
Rainmaker
2,762,486
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

It depends on your goals, knowledge, skills, and how qualified you are to manage a property. 

It is not for me - I would hire it out. 

Jul 31, 2018 05:26 PM
Rainmaker
3,237,213
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It depends. 

Jul 31, 2018 05:20 PM
Ambassador
4,298,221
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Renee Powell - personal choice.

Jul 31, 2018 04:28 PM
Rainmaker
4,307,948
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I agree with Barbara Todaro and Joe Pryor 

Jul 31, 2018 02:34 PM
Rainmaker
4,431,972
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Yes.

Jul 31, 2018 01:55 PM
Ambassador
4,049,253
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I have a staff that does this for me.

Jul 31, 2018 08:45 PM
Rainmaker
649,801
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

When I was faced by this question years ago, I reached out to a friend who was a property manager. She would have been happy to manage the property for me. Instead, she guided me to manage it myself. She was a wonderful lady...gone now...but fondly remembered.

Jul 31, 2018 08:29 PM
Rainmaker
821,580
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I always recommend my customers who have never managed property to hire it out first - if they opt to learn how to do it that's fine, but make money first, then learn, then do it yourself

Jul 31, 2018 06:25 PM
Ambassador
2,177,439
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Hire a reputable PM company, one who follows up and through. 

Jul 31, 2018 05:48 PM
Rainer
4,514
Samer Theodory
Preferred Real Estate - Newport Beach, CA
Real Estate! Your best investment.

For a small fee a property manager can save you a big headache.  Definitely recommended

Jul 31, 2018 05:30 PM
Rainmaker
2,422,675
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

If you can find a good prop mgt hire them

Jul 31, 2018 03:26 PM
Rainmaker
1,037,644
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

Depends on your personality skill location relative to the property and many other issues

Aug 06, 2018 03:38 PM
Rainmaker
3,062,878
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hire out unless you want phone calls at 2 in the morning.

 

Aug 05, 2018 08:41 AM
Rainmaker
4,018,042
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I would definitely hire a property manager.  No time, no desire, and do not want phone calls at 4 am.

Aug 04, 2018 04:37 PM
Rainmaker
3,977,511
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I do my own but they are close to where I live

Aug 02, 2018 06:56 PM
Rainmaker
3,049,771
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Door #1

Aug 02, 2018 05:41 AM
Ambassador
2,848,810
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I think it's better to not own rental property.  I have the t-shirt

Aug 01, 2018 08:55 PM
Rainmaker
983,617
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

One needs to have the experience get a feel what it takes.  A property manager was being asked to flush hot water tank, replace refrigerator filters, sharpen grinder blades. The following month he asked the windows to be cleaned so the manager sent a $1500 bill to the owner. I thought you were going to do it?   Home owners think it is a piece of cake to manage a home. That is really hard busy work just to keep homes filled.

Aug 01, 2018 01:35 PM
Rainmaker
40,880
Rae Dolan
Buying Katy / Rae Dolan - Katy, TX
Real estate agent serving the Katy area

I manage my rentals myself for the time being. I haven't had one be enough of a pain to give up 8% of the gross rents to someone else yet. 

Aug 01, 2018 10:53 AM
Rainmaker
428,714
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

depends on how many units and skill level and how well prepared to manage repairs on your own or a reliable list of contractors. having a management company that actually manages is worth the money, imho.

Aug 01, 2018 08:09 AM
Rainmaker
4,796,451
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Most times I would suggest a management company, but some are capable of doing it themselves.

Aug 01, 2018 06:45 AM
Rainmaker
5,257,579
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Hire a management company if you are not in the property management business.

Aug 01, 2018 06:04 AM
Rainmaker
2,939,018
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It all depends if one has the ability, time and experience to manage properly. 

Aug 01, 2018 05:03 AM
Rainmaker
1,477,056
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Depends. How much time do you have? Also is it one unit or multiple? 

Aug 01, 2018 12:29 AM
Rainer
151,654
Don Baker
Lane Realty - Eatonton, GA

I think it's better to fix and flip

Jul 31, 2018 08:49 PM
Ambassador
3,179,653
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

It depends upon how much money and how much time you have on your hands!

I've done it both ways and with the lack of time, I go for the property manager.

Jul 31, 2018 08:46 PM