Do you know how much managing your property yourself actually costs you?
At first glance, managing the property yourself may seem like the cheaper option. You do not pay for external property management and arrange everything you need yourself.
However, your own time is often not included in this comparison. Phone calls with tenants, searching for contractors, dealing with repairs, keeping track of deadlines, contracts, service charge statements, or situations that arise just when you need to focus on something else.
The true cost of managing the property yourself is therefore not determined solely by the amount you save on a property manager. It also includes the value of the time you could devote to your own business, your job, your family or simply to whatever is more important to you.
The result is also affected by what you do not have time for, do not know or fail to keep track of in time. Even that may ultimately cost more than the property management itself.
External property management therefore does not have to be just another expense. It can free up your time, provide the necessary oversight and help identify problems before they become more costly.
Perhaps it is time to work out where your time has greater value.
