Residential properties can provide owners with a passive income only when they are managed properly. But overseeing can be difficult and physically draining for proprietors who lack knowledge, experience, and are busy with other business ventures. That said, hiring a property management firm can reduce the burden on their shoulders.
There are many reliable property management companies like Canonbury Management, who can help landlords carry some of the load. But unfortunately, due to many misconceptions and myths surrounding property management firms, people are hesitant to seek their help.
In this article, we are going to debunk some of those myths, so that after today, no property owner has to worry about potential problems with a property manager.
Myth 1: Property Managers Are Expensive
Perhaps, the most common myth about property management firms is that their services are too expensive and not worth the investment. This is anything but the truth.
You will only receive rental income when someone rents your property, which means you will always have money if your property is managed well. Having said that, do you have enough knowledge, experience and time to dedicate to the upkeep of your home, hire and screen tenants, and also market your property? Not so sure?
When you hire a property manager, your return on investment is much higher than what they charge. They work diligently to ensure a high standard of living for the tenants and have the local market knowledge to advertise your property. This increases your chances of attracting good tenants and getting an extra buck in your bank.
Myth 2: Property Managers Aren’t Necessary
Landlords usually think that they can manage and maintain their property by themselves, but that’s because they are not aware of the various aspects related to property management. It includes marketing the property, interviewing tenants, drafting a lease, performing a comparative market analysis, knowing all the eviction laws, always staying on hand to resolve maintenance emergencies, and whatnot.
Having said that, when you work with a property management firm, you don’t have to bother about devising strategies to discourage vacancies and the elements mentioned above. Property managers are experts in managing properties and know how to handle emergency situations.
Myth 3: Property Managers Will Take Control Over Your Property
Most property owners are scared of hiring property managers because they believe doing so means they lose their control over the property. This is simply not true. Let’s think logically here. The property is in your name, which means you can control each and everything that your property manager can and cannot do. Besides, the property manager works for you. When you hire them, you don’t give away the management rights to the firm but seek their help in what they are good at, so that you can focus on what you are good at.
Myth 4: Property Managers Can’t Find Suitable Tenants As Good As Owners Can
Property managers have immense experience in their field and know how to recruit and screen applicants. Now, property managers believe that they are a good judge of character and they can perform the screening process better than the experts. But, this is highly unlikely.
Renting is a huge liability; one wrong decision and your property may go in the wrong hands. That’s why you must trust professionals to screen and hire tenants. They are well-equipped with specific schemes that renters do. They know the local laws, and can easily identify red flags in an application. Besides, they have experience in performing background checks.
Myth 5: Property Managers Don’t Handle Single Family Unit
A major misconception is that property management isn’t for small, multifamily properties. This is absolutely false. Property managing companies are equipped to handle all kinds of rental units, no matter the size.
Myths are fine for storybooks, but they shouldn’t stop you from reaping the benefits of hiring a reliable property management firm. Do not forget seeking help from professionals is always a good investment.
Bottom Line? It is always wise to hire the pros to be legally covered when it’s time to hire a tenant.