You hear all the time that investing in properties is an excellent thing to do if you have a property manager in your back pocket. While it is easier to handle all the problems that come with rentals, there are some positives and negatives to doing it yourself or hiring a property management company in Tucson.
DIY Pros/Cons
When you manage them yourself, you have more control over everything, from tenants and relationships to problems. It will also save you some money, but that money may be spent elsewhere. When faced with vacancies, you will likely work harder to get them filled, but PM companies may screen better and get better quality tenants.
The negatives can far outweigh the benefits because you’ll have to draw up the lease and make sure it is legal, be in constant contact with your tenants, negotiate fairly, deal with nonpayment issues, handle evictions and deal with any disasters (natural and man-made).
There will also be a lot of learning time and a lot of time away from family, friends and other work or commitments.
PM Pros/Cons
Primarily, the cons of property management companies in Tucson are fewer and far between than the advantages. For example, you will have to pay them for their services, which can be a large chunk of change that may be needed elsewhere. You will lose some control over what happens, but usually, it won’t be much. You can always include clauses in the contract that explicitly state what you will handle and what is up to them to do. This way, you still get some control and can deal with certain things your way.
However, they will handle evictions, rent collections, maintenance issues, and emergency repairs and will be the front face for the tenants. You don’t have to talk to your residents at all or ever visit the property if you choose not to do so.
