It’s really not a simple answer, so let’s start with a couple questions.
Are you local? In order to have a proper handle on properties, you need a presence nearby.
Do you have any experience? As we’ve mentioned previously, we’ve made plenty of mistakes, so we have the wisdom that comes from those.
What are your margins? If you have razor-thin margins, property management may not be a good fit for you. However, I think the more you look at it, the small percentage you pay a management company more than pays for itself in time and headaches.
Do you enjoy after-hours work? Remember Murphy’s law: if anything can go wrong, it will go wrong, and at the worst possible time.
I make a living managing property, and I even leave my rentals to our residential team. I like to think that I know what I don’t know. I am only one person, and I can only do so much. I just mean that time and energy are limited resources. And the more properties you have, the more problems you have to solve. It's the nature of the business.
All in all, if you’re local, have experience, and think you would benefit from managing your own property, I really have no problem with you managing your own property. When it comes down to it, you will more than likely do a very good job with your units. Maybe you don’t need property management.
You may still want property management. And honestly, we can work with you and your company to design a responsibility and fee structure to suit your exact needs. It doesn’t have to be all or none. Give us your biggest burdens and spend more of your time doing what you want to do. That's why we're here.
If you're interested, due to some feedback I received on this post, I asked ChatGPT to write in the form of William Faulkner about property management, and here is what it put together:
Property management is a tale, as old as time itself, a story woven through the fabric of our society. It is a story of responsibility and care, of overseeing the tangible assets that provide shelter and comfort to those who dwell within.
Like the rolling hills of Yoknapatawpha County, property management is a terrain that can be both bountiful and challenging. It requires a steadfast hand, a keen eye, and a deep understanding of the land and its tenants.
The property manager, much like the patriarch of a great Southern estate, must navigate the complexities of maintaining and preserving the buildings and grounds that are placed under their charge. They must mediate disputes, balance the books, and ensure that all is in order.
And yet, it is not just a matter of tasks and duties. Property management is a story of people, of the relationships forged between landlord and tenant, between the buildings and the communities they serve. It is a story of human interaction and empathy, of a shared investment in the land and the buildings that provide us with a sense of home.
So let us take up the mantle of property management, like the proud descendants of a great Southern dynasty. Let us tend to our properties with care, and ensure that they remain a source of comfort and stability for generations to come.