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

Replace Your Income Podcast - Property Management Pitfalls - What to Look for and What to Avoid

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:

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!

Replace Your Income Podcast - Property Management Pitfalls - What to Look for and What to Avoid

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