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Do it Yourself or PM?

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  • Do it Yourself or PM?

    I've just bought my first IP, work fulltime and am wondering if its best to hand over to a PM or will I be able to handle the management of the rental myself? Depends on tenants? Experiences appreciated

  • #2
    Hi Moana

    Welcome to the forums.

    I think the answer to your question is one for you to decide. Do you think you are up to it?

    If you live close to the property, and you are confident you can get or have got a good tenant then I would personally do it myself.

    But if you dont have much time to spare, or dont feel confident, then leave it to the 'professionals'.

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    • #3
      Managing it yourself can be fun.
      I'd recommend reading: Landlording in NZ - by Frank Saxton.

      Manage it yourself if:
      - You're close enough to the property.
      - Can deal well with people.
      - Have some idea about maintenance & trades people.

      When I've had issues, it's been because of being too easy on the tenants.
      Can you be business like and tough enough?
      The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

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      • #4
        Re: Do it Yourself or PM?

        Hi Moana

        A warm welcome to PT.

        There has been discussions on the merits of hiring a property manager or running it yourself. See, for example,

        Self-property manage or Property managers

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        • #5
          I Can Do It

          Thanks for the welcome, I've had a chance to look through and have a good read and I'm confident that I can manage. Thanks for the refs, theres some great info here.
          Cheers

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          • #6
            Say what you like guys but I know I am able to bring in more money to the owner than they would be able to do by themselves, even after taking out my share.
            I have so many contacts often properties are let before I have to advertise them.
            My target between tenants is one hour.
            I do not say that I always get that turn round but a significant number do. Perhaps about 80%.
            I also know my own market better than a person who is only entering it once every year or two. This means I can keep the rent levels at peak. If you set the rent too high you might loose a couple of weeks rent deciding that you have advertised it too high. Conversly how are you going to recoup the lost income if you set the rent too low.
            I earn my money the hard way.

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