Should You Self-Manage Your Rentals or Hire a Property Manager? (Rookie Reply)

In this episode of Real Estate Rookie Podcast, hosts Ashley Kerr and Tony J. Robinson tackle three pressing questions from BiggerPockets forum members. First, they clarify the difference between earnest money and due diligence fees, emphasizing that earnest money is typically refundable during a due diligence period—usually 7–14 days—while a separate due diligence fee (if used) is non-refundable and compensates the seller for time. The duo stresses the importance of using this window to conduct inspections, assess repairs, and renegotiate terms before committing. Next, they dive into the self-manage vs. property manager debate, weighing the 10% management fee plus leasing costs against the time and stress of hands-on landlord duties. They highlight that self-management is viable with modern tools and systems, but hiring a manager makes sense for those aiming to be hands-off investors. Finally, they guide rookie investors on analyzing out-of-state markets without relying on cherry-picked data, recommending a data-driven approach using population trends, job diversity, crime stats, school quality, and direct insights from local agents. The episode concludes with a strong emphasis on due diligence, both in deals and in market research, to build confidence and avoid costly mistakes.