Over 80 percent of the clients at Progressive Property Management came to us after managing on their own for a while. We call them SMIPOS – Self Managing Investment Property Owners.
If you are just starting out as a landlord or you’ve been a SMIPO for a while, you might be wondering why so many landlords and investors decide to hire a professional manager. The analogy we like to use is that of a car wash. Most people do not wash their own car. They take it to a professional car wash, where they pay $10 or $15 for someone else to wash the car. Why?
Professionals Do a Better Job
First, the car washing people just do the job better. The average person there washes three to four cars every hour, which adds up to about 24 cars in six hours, and 100 cars a week. They know how to do it properly, and they have a process or a system in place that works.
Professionals Have Better Tools
The car washers also have better tools. Your car goes in one end, and it comes out sparkly clean. It’s cleaner than you could ever get it with just a hose, a bucket, and a sponge. Car washing companies have more resources.
Professionals Save You Time
For most of us, it isn’t worth our time to wash the car. I used to wash my car by myself, and it took an hour or more in the hot sun. If you make more than the $15 an hour you’ll pay to have your car cleaned, it makes sense to use a professional and protect your time.
Property management is no different. Our average property fee is $100, which is the equivalent of a cup of coffee every day. So, you have to ask yourself if it’s worth your time to manage your own property for several hours every week. It will cost you even more time if you have a problem tenant or a long vacancy. Do you want to advertise on Craigslist and meet potential tenants at your property when you’re renting it out?
Use professional property management, just like you use professional car washing services. If you have any questions about this, or you’d like to hear more, please contact us at Progressive Property Management.