Are you avoiding hiring a property manager because you think they are too expensive?
We’ve debunked the top property management myths so you can make a more informed decision on who’s looking after your property.
As a homeowner or investor, property management can easily become overwhelming. Even if you only have one or two properties–complaints and vacancies can start to eat up your spare time and profits. What may have started as a passive income can quickly escalate to the burden of a second full time job. So why not hire a professional property manager? While I’ve heard a lot of reasons why not to hire a professional, most are riddled with misinformation and frankly, are just myths.
Here are the top 5 property management myths and the answers to debunk them:
We understand! A feeling that no one will protect your investment and care for your home like you will is a common concern. However, a professional property management company cares about your home. They want to protect your asset and even help add value to it. With a fresh perspective and unique knowledge of the market in your area, they will suggest upgrades that can add to the value. Property managers are also aware of current market trends, pricing, and strategies that may help to increase the monthly income you can generate on the property.
I Can’t Afford to Hire a Property Manager.
Have you considered how much it is costing you currently without one? How much is your time worth? Ten dollars an hour? Fifty? One Hundred? Are you being pulled away from your day job, family activities, and vacation opportunities because of your rental property? While a property manager does cost money, it is normally a minimal amount when you look at the big picture. A property manager would be able to fill your vacancies faster, deal with late night maintenance calls, and utilize their multiple vendor contacts to get you the best pricing on repairs.
Renters Will Destroy My Home.
It is true that renters can be hard on a property, but a professional management company would only rent to the best possible residents. This doesn’t always prevent residents from causing damage. For this reason, a professional property manager will conduct regular reviews of the home. This allows for them to assess every area of the home and ensure that the resident is abiding by the terms of their lease and caring for your asset. Minor problems can be caught before they become major ones and resident damages can be tended to and remedied immediately. When the evaluations are complete, you receive a full detailed report of the condition of the home, giving you peace of mind.
While you may have had good success in the past finding residents for your home, renting out your property is a huge liability. Are you setting selection criteria for your applicants that meets all Federal Fair Housing and HUD guidelines? Are you conducting credit checks, criminal background checks, employment verification, and checking for previous eviction history? A professional property management company holds high standards of legal compliance. They are familiar with all Federal Fair Housing laws, Housing and Urban Development standards, the American Disabilities Act, and all other local and state laws in your area. They have set selection criteria and high qualifying standards in place that ensures that you receive the best possible resident in your home.
Property Management is So Easy, I Could Do it in My Sleep!
Some parts of property management are easy! That’s true. But what about evictions, collecting payments on a property that is behind on rent, angry residents, late night emergency maintenance calls, residents who are not compliant with the lease terms, and the many other daily struggles? It can be hard to be the bad guy all the time, and very time consuming. Residents are not your friends, they aren’t understanding when you are too tired to deal with their problem. They don’t care if you’re busy right now. Sometimes they complain so much that it gets difficult to want to even answer the phone when they call. That’s what a property manager is for. Let us deal with all of the drama and chaos, so that you don’t have to.
As the largest property management brand in the country, we are well equipped to maximize your investment, alleviate the daily burdens, and provide you with detailed communication along the way.