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Although there are many advantages to renting by owner – there are also several disadvantages. The main disadvantage is that there are risks involved in renting by owner that the property manager would usually be responsible for. There is also a lot of work involved in renting by owner – you have to be prepared to receive phone calls at every time of day from potential and current tenants – even when it may be very inconvenient for you. You may get a call in the middle of your son’s birthday party saying that there is a plumbing issue at the home. You will have to fix that immediately – whereas a property manager could take care of that for you.
You will also have to find a reliable and good housekeeper and cleaner who can clean the house every time a tenant leaves. This can be very difficult to do and you may have to try out several cleaners before you find a good one. If your home is far away and you can not personally inspect the house between tenants then you run the risk of having a new tenant moving in and the house not being in a satisfactory condition. A property manager will have reliable and experience cleaners on hand and can guarantee you that the house will be left in a good condition. Another important disadvantage of renting by owner is that you have to spend a lot of time advertising your home and searching for tenants. Once you have found tenants you then have to go through the process of checking their credibility, as well as preparing a rental agreement and other legal aspects.
By hiring a property management company you may not receive as high a return, however it will save you a lot of effort and time and make the process much more enjoyable. Whichever you choose is a personal choice and is largely affected by your individual situation. Those that have very busy lives may find that trying to be in charge of renting out a home very stressful – whereas others may enjoy managing their rental home and may see it as a part-time job.