The DFY Blog

Property Management Pitfalls – What to Look for and What to Avoid

Posted by Kevin Clayson Monday, 14 December, 2020
Property Management Pitfalls - What to Look for and What to Avoid, with Kevin Clayson and Steve Earl

 

Should you be doing your own property management?

 

It’s one of those evergreen questions, and Steve and I’ve been hearing it pretty regularly over the years. The idea behind it is very appealing… At least in theory.

 

And the reasoning is simple – If you do the work yourself, you won’t need to hire anyone to do it for you. Your expenses go down significantly each month, and you save quite a few bucks in the process. 

 

Sounds good on paper, but there’s still a lot of stuff hiding underneath the surface…

 

Steve Earl Quote on DIY Property Management

 

Can it be done? Sure, you definitely CAN do your own property management. But is it really the right move for your income replacement journey?

 

In today’s episode, Steve and I will dig deep into the often overlooked aspects of DIY property management. 

 

We’ll take a closer look at the day-to-day responsibilities that come with the role, lay out the advantages and the disadvantages, and hopefully, help you decide what works best for YOU.

 

Let’s dive in!

 

Key Takeaways

  • Should you be doing property management yourself? (2:14)
  • What happens if you’re too lenient with your renters (4:04)
  • Never forget that property management is a business (7:07)
  • The challenges of handling repairs by yourself (9:15)
  • Is the additional stress that comes with property management actually worth it? (11:11)
  • How does hiring an expert help your real estate investment? (13:32)
  • The many responsibilities of a property manager (15:34)
  • Should you use a property manager? (19:26)

 

Top Quotes

“We are all looking for a deal.” – Steve Earl

“If you have the right property manager, you will do significantly better than if you try to manage it yourself.” – Steve Earl

“I’m a great landlord for my tenant, I’m a terrible landlord for my bank account.” – Kevin Clayson

“If there’s something I’m not an absolute expert at, I do better to hire it out.” – Kevin Clayson

Additional Resources

  • Learn more about Done For You Real Estate: VISIT HERE
  • Get a FREE Income Replacement Estimate (IRE): APPLY HERE
  • Register for our FREE Monthly Webinar Series: SIGN UP HERE

SUBSCRIBE for more Replace Your Income:

https://bit.ly/ReplaceYourIncomePodcast

If you enjoyed this episode, please rate and review our podcast. Thank you for your support!

And remember…

Income replacement for you and your family may only be one property away!

Let’s Meet
Receive a Free and Customized Real Estate Income Estimate
Collaborate with a dedicated On-boarding Specialist who will work with you and for you, and provide a free, customized Real Estate Income Estimate (REIE). Your Estimate will show you how you can begin generating real income with simple and conservative real estate investments, one property at a time, starting right away with the resources you already have. This brief conversation will answer your questions, unlock the investment purchasing process, deliver practical ideas of how real estate “done for you” could have an immediate impact on your financial life, while providing clear guidance, and customized recommendations to assist you with your financial future. This conversation only takes a few minutes but can change the trajectory of your financial future. Enter your info to get started.
 
By clicking the Schedule A Call button, I agree that I am providing authorization to Done For You Real Estate USA, The Companies, LLC, Strategic Lending, Inside Insurance, or third parties that perform functions on our behalf or for our clients, and for which The Companies, LLC may receive compensation, to contact me for telemarketing and informational purposes at the telephone number provided, even if I have previously registered on a corporate, state or national Do Not Call registry. I have authority to provide this consent because I am the subscriber of the telephone number or I am a customary user who has authority to consent to these communications. I also agree that Done For You Real Estate USA, may contact me using text messages, even if the number is connected to a service for which I am charged. I understand that I am not required to provide consent as a condition of purchase, or loan consideration or approval. Msg & data rates may apply.

Thank You! For subscribing to our weekly newsletter.

Expect an email from us soon.

Check out the new top rated

Replace Your Income

Podcast

We use cookies to improve user experience and analyze website traffic. For these reasons, we may share your site usage data with our analytics partners, but we do NOT sell your data to any third parties. Feel free to read our Terms and Conditions and Privacy Policy to learn more.