If you’re a landlord, you know that property management can be a lot of work. Between finding tenants, collecting rent, and handling repairs, there’s a lot to keep track of. And while it’s definitely not an easy job, it can be a lot more manageable if you work with a professional property management company.
However, there are a lot of myths out there about property management – myths that can end up costing you time and money. In this blog post, we’ll debunk seven of the most common myths about property management. Stay informed and make the best decisions for your investment!
1. Myth #1 – Property management is expensive
It’s very common for a property owner to be under the illusion that property management is expensive. After all, it can often involve hiring staff, paying for repairs and maintenance, and dealing with the occasional problem tenant. However, this is a common myth because property management doesn’t have to be – and often isn’t – expensive.
Although it is true that all property management companies charge a fee, the truth is that property management services can actually save you money in the long run. For example, property managers can help you to screen tenants, and find high quality ones. They can also handle all the marketing for your rental property, so you don’t have to spend your time and money on advertising.
In addition, property managers often have good relationships with local vendors, which can lead to lower prices on repairs and maintenance and can save landlords even more money. So, don’t believe the myth that property management is expensive – it’s actually quite affordable, and it can even save you money in the long run!
2. Myth #2 – Property managers don’t care about their tenants
There’s a common misconception that property management companies don’t care about their tenants. This couldn’t be further from the truth!
Property management companies are in the business of providing a comfortable and safe living environment for their tenants because they want their tenants to be happy and to stay in their property for as long as possible. In order to do this, property managers need to maintain the property and respond to tenant needs in a timely manner.
That’s often why property management companies often go above and beyond to make sure that their tenants are taken care of. Whether that’s by responding quickly to maintenance requests, or using feedback to positively benefit a block, property management companies do everything they can to create a positive living experience for tenants – and it couldn’t be further from the truth that they don’t care.
3. Myth #3 – Property managers are lazy and do nothing but collect rent checks
One of the most common property management myths is that property managers are only interested in making money. While it is true that they do need to make a profit, most property managers also have a genuine interest in helping their clients succeed and due to this, property management companies are far from lazy.
In fact, property management companies are hard-working businesses that provide an important service to property owners and tenants.
Property management companies are responsible for the care and upkeep of rental properties, and they work hard to ensure that the property is in good condition. In addition, property management companies also work to protect the property from damage, vandalism, and theft. Plus, when property owners or tenants have problems with their property, it is often the property management company that they call for help.
Property management companies play an important role in keeping anybody’s investment property safe and well-maintained. As such, property management companies are an important part of the property industry, and it certainly doesn’t leave much room for laziness.
4. Myth #4 – Property management is only for large buildings or complexes
Residential block management is a broad term that refers to the business of overseeing and maintaining all types of property, including rental and investment properties. This can include commercial property, such as office buildings or retail complexes, as well as residential property, such as apartments or single-family homes.
While property management is often associated with large buildings or complexes, it is important to remember that any property can benefit from a professional property management process.
Property managers bring a wealth of knowledge and experience to the table, and they can help to ensure that your property is well-maintained and safe for occupants.
5. Myth #5 – I can manage my property on my own, so I don’t need a property manager
Many landlords believe that property management companies do not have their best interests at heart, and as a result, they are reluctant to use their services. However, this is simply not true. Property management companies exist to help landlords maximise the return on their investment. There are also significant differences when it comes to property managers vs landlords.
For starters, as part of their property management service, a professional property manager will have the personnel and resources necessary to carry out essential tasks like screening prospective tenants, updating important building documentation and handling maintenance and repair requests. In addition, property managers are experts in local rental laws and regulations, which can save landlords a considerable amount of time and money. Finally, property management companies provide peace of mind by taking care of the day-to-day details of running a property.
When it comes down to it, while there may be some upfront costs associated with hiring a property management company, the long-term benefits can make a significant difference for landlords.
6. Myth #6: My tenants won’t respect me if I don’t manage my own property
Another common property management myth is that tenants will only respect landlords who manage their own property. However, this is simply not true. Tenants are just as likely to respect landlords who have chosen to hire a property manager.
This is because the reality is that property management is a complex and time-consuming job, and most landlords simply don’t have the time or expertise to do it themselves. In fact, many landlords find that they have better luck finding and retaining good tenants when they use a property management company.
Property management companies are typically very professional and responsive to tenant needs. In addition, property management companies have the resources and staff necessary to effectively maintain a property and as a result, tenants can feel confident that their landlord is upholding their property management responsibilities. Landlords who have chosen to hire a property management company are also more likely to be accessible and responsive to tenant concerns.
Ultimately, the decision of whether or not to hire a property management company should be based on the individual landlord’s needs and preferences. There is no right or wrong answer, and tenants will respect landlords regardless of their decision.
7. Myth #7: Property management takes the fun out of being a landlord
Many landlords believe that property management will take the fun out of being a landlord. However, this is a myth! In fact, property management can actually make being a landlord much easier and more enjoyable. With property management, you can relax and enjoy your property without having to worry about the day-to-day tasks of being a landlord.
By taking on the day-to-day tasks of property management, landlords can free up their time to focus on the things they enjoy. Whether it’s spending time with family, pursuing hobbies, or simply taking a well-deserved vacation, property management can help landlords to achieve a better work/life balance.
Additionally, property management can help to protect your investment by ensuring that your property is well-maintained and operated efficiently. As a result, property management can actually make being a landlord more fun, not less. So if you’re thinking about hiring a property manager, don’t let the myths hold you back – it could be the best decision you ever make.
Beat the myths: Work with a professional property management company
With over twenty five years experience in the property management industry, Scanlans property management can help with all your property management needs – from finding the right tenants to taking care of repairs and maintenance, we’ve got you covered. We can help you to manage properties of all sizes and types, so get in touch today and let us help you be the most effective landlord you can be.