5 Property Management Myths You Should Not Believe
It’s not uncommon for property investors and landlords to hand over their portfolios to a property management company, but there are still people who are hesitant to do it. They can’t be blamed. Real estate properties are a huge investment, and it can be pretty scary to just put them in the care of someone else. It doesn’t help that there are a lot of myths surrounding property management, either.
The thing, though, is that most of these myths are just those – myths that no one should believe. To help you make the right decision for your property, here are some of the most top misconceptions about property management that you should just shrug off:
Myth #1: It’s Going to Cost You an Arm and a Leg
Sure, you’ll have to pay the company that’s going to manage your rental property. The question here is “how much”? To clear this misconception, you need to consider how much it will cost if you manage your own property – routine maintenance, repairs, and others. Then consider how much time that will take from your busy schedule that you could spend on other important matters. You might be surprised that it’s actually going to save you some if you simply let a professional handle the management of your rental property.
Myth #2: It’s Better to Be Hands-On with Your Rental Property
This might be true for owners who are experienced and know exactly how to handle things. But how ready are you for the responsibility, really? For instance, if someone calls in the middle of the night due to a plumbing problem, will you be able to respond promptly? Is it okay for you to be left when the rest of your family goes on a trip or a vacation because you can’t leave in case your tenants need you? What do you do if an eviction is in order? These are just some of the things that a property manager does. And if you’re not ready for them, then seriously consider handing the reins to a property manager.
Myth #3: Property Managers Only Handle Large Portfolios
There are indeed some property management companies that only handle large complexes or multiple properties, but that’s not the same for all. Some of the best property management companies, including Quest Real Estate LLC, will care for your portfolio, whether it’s a single property or a hundred.
Myth #4: Property Owners Can Find Better Tenants
It’s possible that you can indeed find some great tenants, but can you do it all the time? Do you have a solid screening procedure to ensure that you are getting the best tenants you can find every single time? Property management teams are trained to check for fraud and have access to programs that allow them to screen applicants easily. You might not have access to those tools, and it might take a lot of effort for you to thoroughly check a tenant’s background, let alone all prospective tenants!
Myth #5: Renters Will Destroy the Property Whether You Have a Property Manager or Not
No one can tell what a tenant will do to your property while they’re living there. That’s one of the risks that come with owning a rental property. However, having a property manager has the right strategies that enable them to find the best tenants for your property – renters who would treat your rental units with care. And because they do regular maintenance, there’s a higher chance that the rentals will be kept in tip top shape.
These myths are just some of the many ones that people still believe. But as you can see, there’s no reason for them to sway you from getting the professional assistance that only a reliable property management company can provide you. Having a property management team taking care of your rental property comes with a lot of benefits that you shouldn’t miss out on. Of course, you have to ensure that you hire a company that is known for its solid reputation.
Quest Real Estate LLC is a reputable company that handles property management in Jacksonville, FL. Contact our team today to find out what services we can offer you!