Why Some Landlords Choose to Self-Manage Over Hiring a Property Manager

Owning rental property can be a lucrative investment, but it also comes with its own set of challenges. While many landlords opt for the convenience of hiring a property manager, some brave souls choose the path of self-management. But why would anyone willingly take on this additional responsibility? Here’s a closer look at some of the not-so-obvious reasons landlords might choose to self-manage:

Craving a Second Job

Managing a property is no walk in the park. It’s essentially like having a second job. From handling tenant complaints at odd hours to dealing with maintenance issues, self-management can be time-consuming. But for those who feel their 9-to-5 isn’t keeping them busy enough, adding the title of “property manager” might be just what they’re looking for.

Abundance of Free Time

Some landlords have an excess of free time and believe that property management could be a productive way to fill it. After all, who needs leisure when you can spend your weekends screening potential tenants or chasing down late rent payments?

Thorough Understanding of the Residential Tenancies Act (RTA)

The RTA is a comprehensive document that outlines the rights and responsibilities of both landlords and tenants. Landlords who have taken the time to read, understand, and memorize the RTA might feel confident enough to handle any disputes or issues that arise without the need for a property manager’s expertise.

Desire for Direct Control (and Direct Complaints)

Some landlords prefer to be in the driver’s seat, making all decisions related to their property. This also means they get to deal with all the complaints, disputes, and challenges directly. For those who enjoy hands-on problem-solving, this might be appealing.

Cost-Cutting at the Expense of Sanity

Hiring a property manager comes at a cost, usually a percentage of the monthly rent. Landlords looking to save that extra bit might opt for self-management. But they should be prepared for the mental and emotional costs that come with the territory.

Building “Unique” Relationships with Tenants

When landlords self-manage, they get the “privilege” of building direct relationships with their tenants. This means they get to experience all the joys of interpersonal dynamics, from awkward conversations about late rent to disputes about noise complaints.

A Love for Paperwork

Lease agreements, maintenance requests, rent receipts – managing a property comes with its fair share of paperwork. For those who have a particular fondness for administrative tasks, self-management might be right up their alley.

Self-managing a property isn’t for the faint of heart. It requires time, effort, patience, and a deep understanding of the rental industry’s intricacies. While it might not be the ideal choice for everyone, for those who are up for the challenge, it can be a unique and, dare we say, character-building experience. Before diving in, landlords should weigh the pros and cons and decide if they’re truly ready for the adventure that is self-management.