Like many people who first undertake property management, you might assume that the easiest and most cost effective approach is managing property yourself. Some people figure that lining up some web-based property management software or a DIY computer program will be enough help to handle the challenges.

Most people, however, find that even property management accounting software is not enough help when dealing with all the details of managing a residential or commercial property.

Although DIY property management might seem like a good idea, it is often time consuming and not necessarily as cost effective as people might think.

By contrast, enlisting the aid of expert specialists can actually lead to savings over the long term. After all, those experts are devoted to the details of this industry, and have all the contacts and know how to do it efficiently and effectively.

The pros and cons of managing property yourself can be summed up in a single sentence: You are on your own.

In the abstract, that may sound like a good thing, but as you go forward you are likely to discover how many cons are embedded in that simple fact.

DIY Con: Legislation and Paperwork

Are you familiar with all the UK legislation relevant to property ownership and maintenance and letting practices? Do you know all of the forms and licenses and permits and employment laws that pertain to management of commercial or residential real estate?

If your answer to the above questions is “no” (or even if you’re unsure) it is probably not a good idea to undertake property management on your own. It only takes one misstep or missed filed form to cause a great deal of trouble, not to mention expense.

A property management company has experts on hand who are thoroughly versed in property law as well as procedures and protocol, so you don’t have to worry about any of the fine print legalities.

DIY Con: Tenant Trouble

If you decide to manage your property yourself, you are putting yourself on the hook for every aspect of tenant interaction, from screening prospective tenants to collecting rent and addressing maintenance complaints.

In case you have the time, energy, resources, and know how to take that on, more power to you. That said, you may find (as others have before you) that it is trickier than people think, to screen tenants thoroughly, to mediate when there are issues between those tenants, to ensure adequate upkeep of a rental property, and to chase down tardy rent cheques.

Once again, a property management company have these procedures down to a science.

They make it look easy, but you’re likely to find it is not.

DIY Con: Marketing Messes

Unless your profession is actually marketing (in which case you are likely already to be too busy to take on full-time property management), you will find that marketing property is more complex than it might seem on the surface. If you envisaged an easy few steps of posting listings online, reality is going to hit hard when you try to market your property.

When you hire a property management company, marketing is just one aspect of the comprehensive service package. Specialists with the company know how to present a property properly to attract the desired demographic, and they know how and where to post the appropriate listings.

The marketing department also has access to graphic design and photography, and have copywriters on hand to present your rental in the best light.

Left to yourself, you might find that the property on which you are spending so much time, is not bringing in the expected income and all because you don’t have the specialized know-how to market it to the right tenants.

DIY Con: Trying to be an Expert at Everything

Perhaps you do have one of the specialized skill sets required for property management. Maybe you are well acquainted with property law, or have a background in marketing, or consider yourself handy enough for the “fix-it” jobs that will come up around the property.
That’s great! But honestly, few people have the expertise in all the areas that have to be handled to manage a commercial or residential property.

Even within a property management company, these tasks are compartmentalized and assigned to experts in different areas, so don’t imagine it’s an admission of inadequacy when you acknowledge you are not up to doing it all on your own.

When you bring in a team to help, each aspect of your property’s management will be handled by the department that specializes in that particular practice, so you are leveraging the combined expertise of the entire team.

DIY Con: You Lose Time AND Money

They say that “time is money,” and you are likely to find that attempting to manage your own property will cost you both.

You don’t have the specialized knowledge or tools or experience to run things as smoothly as an experienced team can do for you. Bringing the Zen team in to help will lift the stress, and doubtless cost you less in the long run.

You can be assured that it is in the best interests of property management company, as well as yourself, for your property to be turning a profit and providing income. And you can also rest easy in the knowledge that this is what the company does. As a team, they are as committed to your investment as you are, which makes them members of your team!