Why Landlords with 8 Units or Less Should Consider Self-Managing

Owning rental properties can be a lucrative investment, and when you have eight units or fewer, self-management is a viable option that offers many benefits. While hiring a property manager might seem like the easier route, self-managing your properties allows you to maintain control, save money, and build stronger relationships with your tenants. Here’s why self-management is a smart choice for landlords with a smaller portfolio.

1. Cost Savings

One of the most compelling reasons to self-manage is the cost savings. Property management fees typically range from 8% to 12% of your monthly rental income. For landlords with eight units or fewer, this can add up to a significant amount of money each year.

Take Action: By self-managing, you can keep this money in your pocket. If you’re new to property management, consider enrolling in a free landlord class to learn the basics and ensure you’re well-prepared.

2. Direct Control

When you self-manage, you have direct control over every aspect of your rental properties. This means you can make decisions quickly and ensure that everything is handled according to your standards. Whether it’s selecting tenants, setting rental rates, or addressing maintenance issues, self-management allows you to be in the driver’s seat.

Take Action: To streamline your management processes, consider setting up effective systems. My online courses provide guidance on how to create a management system that works for you.

3. Build Stronger Relationships with Tenants

As a self-managing landlord, you have the opportunity to build stronger, more personal relationships with your tenants. This can lead to higher tenant satisfaction, fewer disputes, and longer lease terms. Tenants are more likely to renew their lease when they feel valued and have a good relationship with their landlord.

Take Action: Effective communication is key to maintaining good tenant relationships. For tips on how to communicate better with your tenants, download my free eBook and follow me on Instagram @first_time_landlord.

4. Flexibility and Adaptability

Self-managing your properties allows you to be more flexible and adaptable. You can quickly respond to market changes, adjust rent, or implement new strategies without having to go through a third party. This flexibility can give you a competitive edge in the rental market.

Take Action: Stay informed about market trends and best practices in property management. My free landlord class is a great resource for staying up to date.

5. Learn Valuable Skills

Managing your own rental properties allows you to gain valuable skills that can be applied to other areas of your life or future investments. From financial management to negotiation and problem-solving, the skills you develop as a self-managing landlord are invaluable.

Take Action: To sharpen your property management skills, consider taking one of my online courses, which cover everything from tenant screening to maintenance management.

6. Avoid Common Pitfalls

When you rely on a property manager, you’re putting your trust in someone else to handle your investment. Unfortunately, not all property managers are created equal, and some may cut corners or fail to meet your expectations. By self-managing, you can avoid common pitfalls such as poor tenant screening, neglected maintenance, and mismanaged finances.

Take Action: Learn how to avoid these pitfalls by accessing my free eBook, which provides insights into common mistakes and how to prevent them.

7. Maximize Your Investment

Ultimately, self-managing your rental properties allows you to maximize your investment. By cutting out the middleman, you can ensure that every decision made is in the best interest of your property and your financial goals.

Take Action: To get started on the path to successful self-management, join my free landlord class and connect with other self-managing landlords on Instagram @first_time_landlord.

Conclusion

For landlords with eight units or fewer, self-managing rental properties is not only feasible but also highly beneficial. From saving money to building stronger tenant relationships, the advantages of self-management are clear. With the right tools, knowledge, and support, you can confidently take control of your investment and enjoy the rewards of being a hands-on landlord.

For more tips and resources on successful self-management, visit Landlord Strategy, where you can access my free eBook, free landlord class, and online courses. Follow me on Instagram @landlord_strategy for daily insights and inspiration.