Common Myths You May Have Heard About Property Management Services
Wednesday, July 18, 2018
If you own a lot of real estate, you may have heard about the dangers of working with an unqualified property manager. Even though you know that property manager can do a lot for you and your houses for rent, in theory, you may still be a bit wary of turning over control to a third party.
Chances are you’ve heard a lot about property managers. But some of what you heard might not actually be true. Here are a few common myths about property managers.
MYTH: They Won’t Do as Well of a Job as You Can
It's normal to feel like no one can handle your property for rent as well as you can. It may be hard for you to put such a large investment in someone else’s hands. But property managers are trained to handle other’s properties with care. Better yet, they have extensive experience maintaining properties. Their goal is to take care of your asset and even add some value to the space. They understand how to solve day-to-day problems so you can worry about pricing, strategies, and market trends.
MYTH: They’re Too Expensive
You may think it’s going to cost you an arm and a leg to work with a property management group. But have you considered what it’s costing you to work without one? Have you given up time with your family and friends to take care of your properties? Have you had to overspend on emergency repairs because you didn't have a network of affordable contractors? Have you ever wasted a ton of money out of pocket on things that could have been fixed much earlier? A property manager will make it so you’re not wasting money, nor will you have to miss out on events you really want to attend because of a clogged toilet.
MYTH: You Have the Best Judge of Character
Even if you’ve had luck finding residents in the past, you’re risking huge liability when renting out your property. If you’re not taking time to do credit checks, background checks, and employment verification, you’re not guaranteed a great resident. A property manager will take care of all of that for you. They know exactly what to look for and which questions to asked so you don’t end up in the gutter.
The number of real estate investors who own more than one property is just over 10 million. Since it can be so hard to manage all of the properties at once, many investors will turn to property management services. They can help you find the right tenants, make your house more valuable, and even give you back your lost time. They’re truly a great investment.
If you have any questions about property management services, please give us a call at 407-261-5610