- “Hiring A Property Manager Is Too Expensive”
One of the biggest myths of hiring a property manager is that it will cost too much money. This is simply not true. Most managers do not make an income on your property when it is not rented. While a manager works to find a suitable tenant, you don’t usually pay them anything until a renter is occupying the property. Hiring a property manager can actually maximize your income, because they are extremely knowledgable about the current rental market. In most cases, they can tell you what your property should be rented for, which may be more than you would have charged. Managers can also network within the real estate world while showcasing your property to many different audiences that may not be reached if you advertise it yourself.
- “They Won’t Take Care Of My Home Like I Will”
You have made an investment, and it is extremely important to you. Oftentimes, the property you wish to lease out was your own home, or the home of a family member. Property managers understand this, and while they cannot duplicate an emotional or sentimental attachment, they can insure that your property is properly taken care of. In fact, this is their main job and their livelihood. If you are not satisfied with their services, they will lose your business. They want your property to be in tip-top shape, because when you do well, they do well. Most property managers truly have their clients best interests at heart at all times.
- “I Can Manage The Property More Easily Myself”
It is true that owners can manage their own rental units. After all, no one knows the ins and outs of your property better than you. Most owners, however, just don’t have the time to thoroughly manage a rental – the hours add up quickly! If you live out of state, or have a full-time job, managing your property may be too much. This is also true when dealing with maintenance requests or repairs. To avoid letting your investment turn into another job, hiring a property manager may be the best alternative.
- “I Can Find Better Tenants For My Rental”
Some owners like to meet tenants beforehand, and will go off of their intuition when choosing a renter. A property manager usually will not just allow someone to move into a unit without thoroughly screening them first. Managers will be more aware of Federal Fair Housing and HUD guidelines to insure that laws are followed. They also have access to credit and background checks that an owner may not have.
- “A Property Manager Will Complicate Things”
Hiring a property manager will not complicate things. On the contrary, it makes owning an investment property much less stressful and less complex. When dealing with a manager, you only deal with one company, versus dealing with numerous subcontractors, an accountant, tax experts, etc. Most managers know what to do, and how to proceed with problems and vacancies, according to the law. This makes things much easier for the owner and makes working with a property manager and owning a rental property seamless and enjoyable.