Thought about having an on-site property manager? No, because you don’t own apartment buildings? You might want to rethink that notion. Some landlords take care of their own maintenance issues, collecting rent and answering tenant calls but some soon find out it’s more work than worth and hire a professional property management firm.

property manager

They do a lot for you and you’ll discover they’re not an expense but an answer to time and tenant issues. But you don’t have to own a 100 unit apartment building to consider an on-site manager. You can simply own a duplex.

Landlords with multiple properties have found that occasionally one or more of their tenants are not only handy around the house but excel at it. You may be renting to a carpenter, a real estate agent or other trade. Have you thought of trading reduced rent for property management duties?

Say you have a duplex and it’s not exactly as close as you’d like it to be but the cash flow is excellent. Instead of hiring out a property manager, what if the property manager lived in one of the units? How fast do you think tenant issues could be addressed? Almost immediately in most cases because the manager is right next door. Fewer tenant problems will arise such as late rents or loud parties because the tenants know the manager is on the other side of the wall.

What sort of discount should you provide? That depends upon the amount of work you’d like done. And it’s not just the one side of the duplex that can be managed but other properties you own when it’s time to clean the unit and prepare for your next tenants. Instead of searching for a property manager, you may already have one living in one of your rentals.