Owning rental property can be a great way to earn money, whether it’s your full-time job or a side income. But it does take a lot of time and energy. One way many property owners find relief is by working with a property management company.
But there is quite a bit of misinformation and myths floating around. Unfortunately, this means you may hear property management tips that aren’t true.
Keep reading our property management guide to learn about the myths you need to be aware of.
It’s Too Expensive
One of the most common property management myths out there is that working with a property manager is too expensive. However, a property manager’s goal is to help you maximize your revenue.
Over the long term, not only will the cost of hiring a property manager even out, you’ll most likely save money. A property manager can guide you in making smart business decisions, such as the best way to market your unit, choose tenants, and manage rent payments.
Also, remember that your time is worth money too. If you can save time on all of the day-to-day tasks of being a landlord, you’ll free up more time too!
You Can Do It All
Many property owners think they can handle all of the maintenance and other tasks that come along with being a landlord. Most likely this is because they have been! But just because you can handle it doesn’t mean this is the best option.
Some of the best property management advice you can follow is to build a team that can help you.
If your tenant has a major HVAC or plumbing issue that you are unsure of how to fix, they won’t be able to wait until you have the time in your schedule to do it. By working with other professionals, you’ll always be able to take care of your tenants’ needs when it’s needed.
A property management company can even handle this aspect for you. You don’t need to juggle the plumber, contractor, and other vendors. If there’s a problem, they’ll make the call and get it all taken care of.
You’ll Lose Your Relationships
One of the most impactful parts of being a landlord is the relationships you build. Whether it's with your tenants or service providers, you can still hold on to these relationships you’ve cultivated over the years.
Your management company will not force you to work with certain providers. They may have their own preferred companies, but they aren’t mandatory.
In addition, you can still have personal relationships with your tenants. While a management company will handle tenant communication, including rental payments and issues that arise, you can still check in and get to know your tenants.
Don’t Be Fooled by These Property Management Myths
Unfortunately, there are quite a few property management myths floating around. Once you know the truth, you’ll have an easier time avoiding property management mistakes.
If you’re ready to make managing your rental property easier, call Five Star Property Management today!
