DIY Renting Vs Hiring a Property Management Company in Vancouver

When it comes to owning and managing an investment property, your main goal should be to get the most out of every dollar you spend. Part of this means deciding between hiring a property management company or renting the unit out yourself.

DIY Renting can be a great way to save a bit of extra money. However, one thing worth considering are the hours you’ll end up working if you become a landlord. Managing  property can consume quite a bit of your time, especially if you live far away from your rental property. For some, the headache of being a landlord just isn’t worth it.

In this article, we’ll go through some of the main considerations to think about when deciding between DIY renting and Hiring a Property Management Company in Vancouver.

Choosing the Best Rental Rate

Are you familiar with the rental rates of similar properties in your neighbourhood? Finding the highest amount you can charge while renting out your property in the least amount of time is important - if you want to make money, that is.

A good Vancouver property management company will do this for you and perform extensive research before renting out your property. It is in their best interest to do so; after all, they do receive a portion of the rent.

If you feel confident setting an optimal rental rate and marketing your property, DIY renting might be right for you. Property management companies are experienced in this area, so if you aren’t, then hiring one is probably the best move.

Repairs and Maintenance Service

As a landlord, repairs and maintenance are your responsibility. We’re talking heating, plumbing, electricity, infestations (i.e. bed bugs), mold, and more. If you’re a handy person, you live nearby the property, and you have the appropriate tools for the job, repairs and maintenance (and therefore DIY renting) might be an ideal option you.

If you’re not comfortable handling routine maintenance and emergency repairs, hiring a property management company might be a great option for you. Not only will this save you precious time, but you’ll also rest assured knowing that your legal obligations are taken care of.

Handling Problem Tenants

Dealing problem tenants can certainly sour the experience of DIY renting. Refusing to pay rent, damaging the property, and disrupting neighbours are just a few common problems that landlords deal with.

Property management companies are specialists when it comes to problem tenants. A huge perk of hiring one is that they tend to have extensive screening processes to ensure that the best tenants are chosen the first time around. If you choose DIY renting, it’s important that you have a screening process too; it’ll save you time and money in the long run.

Your Decision

Hiring a property management company in Vancouver means a little less money in your pocket at the end of every month, but that doesn’t mean it isn’t a worthwhile investment.

If the old adage “time is money” rings true for you, hiring a property management company is a great choice. With some more free time on your hands, you’re free to vacation more, spend time with your family, or expand your investment portfolio even more.

On the other hand, DIY renting can be a lot of fun. If you’re up for the challenge it’s a great way to make some extra cash and gain experience.

Still have questions? Deciding between DIY renting and hiring a property management company is a big decision. Noble & Associates Property Management is pleased to provide you with information to help you explore your property management requirements. Feel free to contact us today - we’ll gladly answer your questions.