Hiring a property manager vs doing it myself

[Greg Friedman]

Hi everyone, this is my very first post on the forum. 

My wife and I live just outside of the Boston area and are thinking very strongly about renting out our primary residence and moving abroad. I’m wondering if it is worth it to hire a property manager or to save money and manage the property ourselves remotely. A property manager would charge 7% to 10% a month, plus I am assuming a mark up on any maintenance issues that they coordinate. 

On the other hand, our house has a brand new roof, brand new hot water heater and recently renovated kitchen with newer appliances. The only thing I would anticipate needing in terms of capital expenses in the next few years would be a new HVAC unit which is on the older side, but we have already budgeted for that and have a service contract with a company that manages our HVAC, water heater and oil tank.

Am I crazy for thinking that a property management company would be an unnecessary expense in my case? The only thing I can think of that may be harder to deal with if I am not local is routine maintenance issues, but I was thinking I can just ask around for some handy man referrals to have at the ready in case those smaller issues arise, while I would instruct our future tenants to contact our service provider for any emergency issues. 

Is there anything else I am missing that anyone would recommend a property manager for that would be hard to do myself? Posting the property and finding/screening tenants? Navigating lease agreements? Collecting rent?

Thanks in advance for any advice!

[Adam Bartomeo]

Simple... if you are moving more than 1-2 hours drive away from the property HIRE A PM!