Debunking 3 Common Myths About Property Management Companies
If you own a rental property and are working as a landlord, there's a good chance this role takes up a fair amount of your time. From finding and screening tenants to collecting rent and handling maintenance issues, there's a lot that goes into managing your own rental property. To free up some of this time and hassle, many property owners end up turning to property management companies. Unfortunately, there are a lot of myths and misconceptions floating around out there about property management companies and how they can benefit landlords.
Myth #1: Hiring a Property Manager Isn't in My Budget
The biggest misconception most landlords have about property management companies is that they're too expensive. It's important, however, to consider all the services that a property management company has to offer. When you do this and factor in all the time that will be freed up by having a property manager, it becomes easier to understand the true value of this service.
After crunching the numbers, many landlords are pleasantly surprised to see how affordable property management services can be--especially when you consider the many ways in which a property management company can save money and bring in more money through reliable tenants.
Myth #2: Property Managers Don't Know My Property Like I Do
Property managers are experts at the work they do; they will take the time to get to know every last detail about your property, its tenants, and the surrounding community. When you hire a property management company, they typically don't get paid very much unless they're managing your property successfully. This is because many property management companies collect a commission on your monthly rent payments. In this sense, property managers are motivated to ensure that your rental is as profitable and successful as possible!
Myth #3: I'll Lose Control of My Property if I Hire a Property Manager
This couldn't be farther from the truth. An experienced and reputable property manager will take the time to sit down with you and determine exactly how what level of control and involvement you wish to have with your property. From there, your property manager will be sure to respect this and keep you as involved (or hands-off) as you'd like to be. At the end of the day, your property manager is working for you.
By understanding the realities behind common property management myths, you can better determine whether hiring a property management company is right for you! For more information, reach out to a property management company.
