Why Would Anyone Want To Manage Their Own Properties?
This question has been on my mind for a few weeks now. I’ve actually thought about it many times however, this time, it seemed so much clearer and, therefore, I had to write about it.
Maybe because I see all the ins and outs of the business from being a Property Manager, I often wonder why anyone would want to manage their own properties when it’s so easy to hire someone to do the work?
I wonder if car mechanics think the same? Why would others fix and work on their own cars when they can just bring it to a professional mechanic?
I know there is a good debate in all of this. I do actually think that everyone that invests in rental properties should have some sort of experience managing their own properties. This gives them the ability to appreciate the work the goes into managing properties and tenants.
I think it’s safe to say that most people get into real estate investing to build wealth and to chase that elusive lifestyle that is so often portrayed by the media. The truth is that investing in real estate investing will not make you rich overnight but it will make you rich in the long run!
I believe that everyone should own at least one rental property besides their home personal homes. It’s been proven over and over that it’s one of not the best way to build wealth.
The thought of dealing with tenants and maintenance can be a big negative for potential real estate investors. Nobody comes into it wanting to get those 3am calls or to have to deal with the day to day issues that come with being a landlord. There are still some out there that do make a living owning and managing their own properties however we are seeing this decrease over time.
If we were to step back 20-30 years, there were very few management companies out there. The reason is because most owners took care of their properties themselves. The mentality back then differed from what we see today.
Most newer investors see their time being much more valuable finding and buying properties versus managing them. I think that this is a massive mindset shift in the way people invest and very good for the management industry.
As a property Manager, it’s our jobs to show investors that we’re assets and not liabilities. The costs of management when properly explained is not something that comes out of the owners pocket. It’s simply an expense to the building just as your mortgage, taxes, and utilities. All of which are paid by your tenants!
I predict great things for the Property Management industry. There are more and more real estate investors out there and we are becoming a renters nation. Combine both the baby boomers and Millennials and they account for over 50% of the population and they are all going to be renters.
Our industry is going through some major growing pains with technology and professionalism. Gone are the days of just being able to call yourself a property manager and start looking after people’s buildings. In my opinion, this is no longer acceptable. We need more people to come into this business with the same planning and preparation as any other business out there.
The good Property Managers of today can be the great Property Managers of tomorrow. Most investors out there no longer want to manager their properties themselves. This means that opportunies are everywhere.
I see amazing things coming to my business and the industry in general. I’m doing the work today and every other day to build and grow our brand were we do business. Every Property Manager out there should be doing the same or else your going to see some new kids on the block come in a dominate!