Self-managing a rental property can save money on letting agent fees, which is why many landlords choose to do it themselves. But there is another cost that does not appear on a bank statement: time.
Answering messages, organising appointments, checking payments, dealing with paperwork and coordinating everything involved in a tenancy can add up over a year.
For some landlords, self-management works extremely well. For others, the hours involved gradually become another part-time job they never intended to have.
So, what is your time actually worth?
Why Landlord Time Is Easy To Ignore
If you pay somebody £100 to complete a task, you recognise it immediately as a cost.
Spend three hours doing it yourself and the cost can feel like zero.
That is not necessarily the case.
Those three hours could have been spent working, running another business, with family, enjoying your weekend or simply doing something you would rather be doing.
The purpose of putting a value on your time is not to prove that every landlord should use a property management agent. It is to understand what self-management genuinely asks of you.
Try A 30-Day Landlord Time Audit
For one month, keep a note every time you do something connected with your rental property.
Include the obvious jobs, but also count the five and ten-minute tasks that are easily forgotten.
Your list might include:
- Responding to tenant messages
- Checking rent payments
- Sending emails
- Arranging appointments
- Updating records
- Speaking to contractors
- Dealing with tenancy administration
- Answering prospective tenant enquiries
- Organising viewings
- Travelling to the property
At the end of the month, total the hours.
If it was a particularly quiet month, do not assume that represents the whole year. Tenant changes and unexpected issues can create periods where the time commitment increases significantly.
Put A Value On One Hour Of Your Time
This does not need to become an accounting exercise.
Choose an hourly figure that represents what your time is reasonably worth to you.
You might use your normal hourly earnings. A self-employed landlord might use what an hour spent working elsewhere could generate. Another person may simply decide what an hour of their evenings or weekends is worth.
Now multiply that figure by the number of hours spent managing the property.
Imagine you spend five hours per month self-managing and value your time at £25 per hour.
That is:
£125 per month
£1,500 per year
Again, you are not physically paying £1,500 to anybody. The calculation simply reveals the value of the time you are putting into the property.
Do Not Forget Travel Time
Distance can completely change the self-management equation.
A landlord living ten minutes from their rental property is in a very different position from somebody who has moved two hours away.
A one-hour appointment can easily become half a day once travel is included.
If you own a property to rent in Bury but no longer live locally, include travelling time when calculating what self-management requires from you.
It is real time, even if nothing appears on an invoice.
Look At When The Work Happens
There is another question worth asking.
When does your property require your attention?
An hour at 10am on a Tuesday may be easy to accommodate. An hour during a family meal, work meeting or Saturday afternoon may feel very different.
The inconvenience factor is difficult to price, but it matters.
At Cardwells Estate Agents, we often find that it is not necessarily the total number of hours that makes landlords reconsider self-management. It is the fact that those hours arrive when the property needs them rather than when the landlord has conveniently set time aside.
Compare The Real Cost, Not Just The Management Fee
Suppose you are comparing self-management with using a letting agent in Bury.
It can be tempting to look at the agent’s management fee and compare it with £0.
A fairer comparison is:
Agent management cost versus the value of your time plus the tasks you would no longer need to handle yourself.
Think about which activities would actually be taken off your plate.
A fully managed service could include tenant communication, rent administration and coordinating day-to-day issues, while other service levels may provide less support.
Check exactly what is included rather than comparing percentages alone.
Ask Yourself The Five-Hour Question
Imagine somebody offered to give you five extra hours every month.
Would you pay for them?
What would you do with the time?
Perhaps you would:
- Spend it with family
- Work on another business
- Manage another investment
- Exercise
- Travel
- Enjoy your weekends
- Simply have fewer interruptions
There is no correct answer.
Some landlords enjoy managing property and prefer being closely involved. Others discover that the time is more valuable to them than the money they save.
Self-Management Can Still Be The Right Choice
This should not be read as an argument that every landlord needs professional management.
Self-managing a rental property may suit you perfectly if you:
- Live nearby
- Have plenty of available time
- Enjoy dealing directly with tenants
- Are organised and responsive
- Understand what good property management involves
- Want hands-on control
The question is not whether self-management is good or bad.
It is whether it still works for your life.
Circumstances change. A landlord who happily self-managed five years ago may now have a busier career, young family, several properties or simply different priorities.
Give Yourself An Annual Time Review
Once a year, ask yourself:
How many hours did my rental property require?
Did those hours feel manageable?
Would I willingly spend the same amount of time on it next year?
If you are preparing another property to let in Bury, this becomes even more important. One property requiring four hours a month may be manageable. Three properties requiring the same time commitment could feel very different.
Would You Like Some Of That Time Back?
If managing your rental property is taking more time than you expected, our team at Cardwells Estate Agents can explain how professional property management could reduce the day-to-day workload.
As a letting agent in Bury, we can discuss the level of support that suits you rather than assuming every landlord needs the same service.
Call 0161 761 1215 or email [email protected] to speak to our team.
In the meantime, we’ve answered some of your common questions about managing a rental property.
Frequently Asked Questions
Is It Cheaper To Manage A Rental Property Yourself?
Self-management avoids professional management fees, but landlords should also consider the time they spend managing the tenancy. Whether it works out cheaper depends on the property, the landlord’s circumstances and how much time management requires.
How Much Time Does Managing A Rental Property Take?
There is no standard number of hours. A settled tenancy may require relatively little attention for periods, while finding a new tenant or dealing with an unexpected issue can require considerably more time.
What Does A Property Management Service Do?
Services vary between letting agents. Depending on the package, a managing agent may handle tenant communication, rent administration, tenancy matters and the general day-to-day coordination of the property. Always check what is included.
How Do I Decide Whether To Use A Letting Agent?
Compare the management fee with the time, work and responsibility you would retain by managing the property yourself. Also consider your location, other commitments and whether you actually enjoy property management.
Contact Our Lettings Team
For professional advice and a no-obligation discussion, please contact: Deana, David, Beth, Allyson or Andrew
Cardwells Letting Agents Bolton
Cardwells Letting Agents Bury
Telephone: 01204 381281
Email: [email protected]
Website: www.www.cardwells.co.uk
Whether you are letting a single property or managing a portfolio, our experienced team is here to ensure your tenancies are set up correctly from day one, and you can count on our ongoing landlord’s rental full management service.
