Did you know that there are almost 50 million rented households in the U.S alone? This is great for those considering investing in real estate.
But managing your properties and new tenants can be a challenge. There are a lot of things to do, and you might not have time.
Luckily, hiring a property management company is a great option, despite the rumors! This property management guide covers some common myths about property managers. Let's get into understanding property management myths!
An Unnecessary Expense
The first myth about property management is that it is an unnecessary expense. Yes, all property management companies charge a fee but you will get your money's worth!
To benefit from these companies, you have to understand what property management is all about! Using a property management company can actually increase your revenue.
This is because they have a lot of data allowing them to put your rentals at the best price. They also have extensive marketing resources. This means they can fill vacancies fast, so you can get the most out of your properties.
They Don't Care About Your Property
There is a popular belief that property managers don't care about your properties. This is untrue as any good management company commits to your property's success.
If they cannot offer the services you and your tenants need, they could lose you as a client. That isn't good business for them! So, they take care to make sure everything runs smoothly for all parties.
You Can Do It All Yourself
Another common myth is that you can do all tasks yourself. But the hours that you need to spend managing your properties can add up fast.
Do you work another job, live far away, or manage several properties? This is a lot of work for one person. These are some of the tasks that property management companies can help you with:
- Tenant screening
- Collecting rental payments
- Marketing vacancies
- Repairs and maintenance
- Tenant problems
Your tenants pay rent for a well-managed property. Using a professional service means they get the best service, without the stress on your end.
Screening Isn't As Thorough
There is a misconception that property managers don't screen tenants well so they can fill vacancies faster. This is not true.
Any reputable company will put each prospective tenant through an in-depth screening process. They won't rely on their intuition but will collect data about each candidate. This includes their credit score, previous rentals, and criminal records.
They will always keep you informed throughout the process. That way you have a clear picture of who you will have living in your properties.
They Won't Be There In An Emergency
The final myth is that property managers will only be available 9-5. This isn't true, as a reputable company will be there anytime if something goes wrong.
They often have emergency telephone numbers in case there is a plumbing problem at night. They will take care of everything, even if it is after hours.
Property Management is a Smart Choice
Despite the myths, property management is the smart choice when it comes to being a landlord. Understanding property management and its benefits can save you time and energy.
Metro Residential LLC are expert in property management. Based in Fort Lauderdale, FL, they help with tenant screening, rental payments, and more.
For property management that you can trust, get in contact today!