The Bureau of Labor Statistics estimates that there are over 200,000 property managers and related professionals in the United States. Unfortunately, property management is not an easy job, and there's still a lot that most people don't know about it.
Demands for answers often result in rumors, and rumors are often difficult to dislodge. For instance, Napoleon was of above-average height for his time, we actually use most of our brains, and cockroaches can't survive a nuclear explosion. All of these have been proven, but people still believe otherwise, because the myth is so prevalent.
We'll discuss some of the biggest property management myths and the realities behind them in this article.
1. A Property Manager Costs Too Much
While property managers do charge money, their fees are often far less than what people might think. Property management companies also tend to be huge assets in the real estate business.
They often work closer to the ground, so to speak, than a property owner. Unlike an owner who might own multiple properties, a property manager usually focuses on one. They're also likely to be localized, so a good property manager working in Kissimmee, Florida will know a lot about the area.
Their local knowledge will likely include average rent and the average income of the town. They'll know how much people are willing to pay in rent, and what's most important to them. They'll help you get the most out of your property so you don't have to worry as much about turning a profit.
2. I'm the Best Property Manager
You might think that owning the property, and therefore having a stake in it, makes you the best person to manage it. However, you'd probably be wrong. This is one of the biggest property management myths out there.
This doesn't mean there's anything wrong with you as a property owner. It's just that the property manager has a more specialized job. It's sort of like going to a cardiologist over a general practitioner.
Even if you are a good property manager, you might deal with issues of split focus, especially as your real estate holdings grow.
3. Tenants Will Lose Respect for Me
If you're worried about tenants taking advantage when you're not at the helm, you shouldn't be. If anything, the tenants might like you more. Having one person focused completely on a property means things will likely be done more quickly and efficiently.
Effective maintenance can save you from more than just bad reviews, though. According to United States law, tenants have a right to vital repairs. A landlord must do all necessary maintenance to keep a property habitable, which is why the best property management advice we can offer is to trust your property manager.
At the least, a habitable property requires working plumbing, running hot and cold water, a functional heater and air conditioning system, a working electrical system, and a stable structure with no roof leaks.
Property Management: Myths and Realities
We've discussed some of the biggest property management myths in this article, but there's a lot more to learn.
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