In this podcast episode, Donna Fortune, a brand photographer, shares her experience of making a decision to privately manager her investment property, and the challenges she faced. Donna initially chose to use a property manager due to having more time than money and wanting someone else to handle the process of finding a tenant. However, after a year of using a property manager and having a good experience with a reliable tenant, Donna decided to try self-managing the property.
Donna admits that self-management was time-consuming and sometimes awkward, especially regarding property inspections and negotiating rent increases. She also found it challenging to navigate the legal requirements of being a landlord. Donna acknowledges that property managers can add value by providing services beyond collecting rent and managing maintenance. They can help landlords with maintenance and renovation plans, provide regular appraisals, and offer investor education. They also act as a buffer between landlords and tenants, making it easier to maintain a professional relationship.
However, Donna also talks about the maintenance issues she faced while using a property manager and the importance of value-adds in the property management industry. She and the host, Ash, discuss the possibility of a subscription model for property management fees, where clients pay a set weekly amount regardless of whether the property is rented or not.
Overall, Donna's experience highlights the importance of considering the pros and cons of self-managing a rental property versus using a property manager. While self-management may seem like a cost-saving option, it can be time-consuming and involve navigating legal requirements. On the other hand, property managers can provide valuable services and act as a buffer between landlords and tenants. It ultimately comes down to personal preference and weighing the benefits and drawbacks of each option.
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