Should You Self-Manage or Hire a Property Management Company in Spokane | The Hornberger Group
Managing rental property in Spokane can be both rewarding and challenging. If you’re a landlord or real estate investor, one of the biggest decisions you’ll face is whether to self-manage your rental property or hire a professional Spokane property management company.
Both approaches have pros and cons, and the right choice depends on your goals, time, and investment strategy. This guide breaks down the differences and helps you decide the best path for your Spokane rental properties.
The Self-Management Approach
What Does Self-Managing a Rental Mean?
Self-management means you, as the landlord, handle all aspects of your rental property. This includes:
- Marketing the property and creating rental listings
- Screening tenants and running background checks
- Collecting rent each month
- Handling tenant calls, complaints, and maintenance requests
- Coordinating with contractors for repairs
- Ensuring compliance with Spokane rental laws and landlord-tenant regulations
Pros of Self-Managing Your Spokane Property
- Cost Savings: You won’t pay property management fees.
- Direct Control: You make all the decisions and build direct relationships with tenants.
- Learning Experience: Hands-on management gives you deeper insight into your property and the Spokane rental market.
Cons of Self-Managing
- Time Commitment: Expect late-night calls, emergency maintenance, and frequent tenant communication.
- Legal & Compliance Risk: Spokane landlords must stay current on Washington landlord-tenant laws, fair housing rules, and eviction processes.
- Stress: Tenant disputes, non-payment, and property upkeep can be overwhelming without professional support.
Self-management may be a good fit for landlords with just one property, who live locally, and who have the time and skillset to manage it effectively.
Hiring a Spokane Property Management Company
What Does a Property Manager Do?
A professional Spokane property management company takes on the daily operations of your rental investment. Services typically include:
- Strategic marketing and professional photography to reduce vacancies
- Thorough tenant screening and placement
- Rent collection and financial reporting
- 24/7 maintenance coordination and unit turns
- Lease enforcement and legal compliance
- Annual portfolio reviews and performance analysis
Benefits of Hiring a Property Manager in Spokane
- Time Freedom: Focus on your career, family, or other investments.
- Local Expertise: Property managers understand Spokane rental trends, pricing, and neighborhood demand.
- Better Tenants: Professional screening reduces the risk of late payments, damage, and evictions.
- Proactive Maintenance: In-house or vetted contractors handle repairs quickly, keeping tenants satisfied.
- Financial Transparency: Monthly and annual reports help you track income and expenses clearly.
Potential Drawbacks
- Management Fees: A percentage of the monthly rent is common, but we recommend requesting a fee breakdown from a property management company. Other fees may include advertising, maintenance, and more.
- Less Direct Control: You delegate decision-making on daily issues to the management team.
For landlords with multiple units, out-of-town investors, or those wanting truly passive income, hiring a Spokane property management company is usually the most efficient choice.
Spokane Rental Market Considerations
The Spokane rental market is growing quickly, fueled by population growth, job opportunities, and demand for affordable housing compared to larger metros. Neighborhoods like Spokane Valley, Airway Heights, Cheney, and Liberty Lake continue to see strong tenant demand. With rising rental rates and low vacancies, the opportunity for long-term cash flow and appreciation is high, but so is the need for consistent, professional management. Self-managing may work for some, but as Spokane expands, legal compliance, tenant expectations, and competitive marketing are becoming more complex.
Which Option Is Right for You?
Ask yourself these questions:
- Do you live near your Spokane rental property?
- Do you have the time and skills to handle tenant calls, repairs, and marketing?
- How many rental units are in your portfolio?
- Do you want your rental property to be a hands-on side business or a hands-off investment?
If you answered yes to the first two, self-management may be manageable, especially for a single-family home. But if your answers leaned toward less time, multiple units, or wanting long-term growth, hiring a Spokane property management company may be the better option.
Final Thoughts
For many landlords, hiring a professional property management company in Spokane is not just about convenience, it’s about maximizing return on investment. With tenant demand rising, local regulations becoming more complex, and maintenance needs always evolving, professional management ensures your property performs at its best. Whether you self-manage or hire a property manager, the key is to treat your rental property as a business. By making a strategic choice today, you can secure long-term success in Spokane’s growing rental market.
At the Hornberger Group, we are here to help you protect your investment, reduce stress, and maximize rental income with trusted local expertise. Contact us today to discuss your property management needs.