Rental properties are a great way to supplement your income and expand your property portfolio.

Many landlords make use of a letting agent to assist them but others prefer managing the rental property on their own.

Managing a rental property is totally different from simply owning and living on the property.

It takes a lot of time and effort to ensure that the tenants are happy and comply with the rental agreement.

On the other hand, enlisting the help of a letting agent might cost you more because you need to pay a commission. 

If you own rental property you must consider both the pros and the cons of managing the property yourself or letting an agent do it for you.

Here are some points to reflect on when making your decision.
 

The pros of hiring a rental agent

1) You save time

Arguably the biggest advantage of hiring a letting agent is that you save time.

If you own several properties or you have a busy day job, it can be very easy to let things slip simply because you don't have time.

Letting agents can take care of all the administrative duties and they are experts in their field. 
 

2) They can chase late rental payments

Another big problem that landlords experience is non-paying tenants.

It can be difficult having these conversations with tenants. If you are not firm enough, you run the risk of them simply ignoring your queries.

Letting agents have experience in collecting rent and they know how to deal with non-paying tenants. 
 

3) You have an objective third-party between you and your tenants

It often happens that landlords and tenants don't always get along.

These relationships can become strained and it quickly becomes an "us versus them" situation.

Having a letting agent manage your rental property can eliminate the need for any communication between you and your tenants.

Only the agents deal with them and they approach it from a purely business perspective with your best interests at heart. 
 

The cons of self-managing your rental property

1) It is time-consuming to manage the rental property

Managing your rental property on your own means you have to be hands-on at all times.

It requires a lot of focus and dedication and you can't afford to slip up.

This can be difficult if you already have other priorities. You might end up making serious mistakes that can cost you. 
 

2) You might not have the necessary experience in managing tenants

Managing tenants is a daunting task. You need to be prepared during the entire rental process from screening to collecting rent every month.

You may not have the necessary experience to manage tenants successfully.

You might not screen tenants properly, for example, and sit with bad tenants for the next year or so. 
 

3) You'll have to evict tenants on your own

If you are not knowledgeable about property law and the eviction process, then you might find it difficult to evict your tenants if such a time comes.

It becomes very time-consuming especially since there are several legal processes to follow.

Final thoughts

The truth is, there is no right or wrong here, it all depends on your personal preference and unique situation. If your time is limited, consider hiring a letting agent.