Landlords and property investors often toy with the idea of turning their portfolios over to a property management company but are often unsure if that is the right step to take. Your properties are your investments – so it can be scary putting them into someone else’s hands. It is understandable. Though, it is important that you understand the facts – and debunk the myths – of property management so that you can learn just how beneficial having a property manager can be.
Here are the top 5 MYTHS about property management.
MYTH 1: It costs so much money. You are paying someone else to manage your rental properties. So, yes, it is going to cost money. But, so much money? To debunk this myth, it is important to consider all the expenses you have managing your own properties. This will include everything from paying for repairs and routine maintenance to the time taken away from seeking out future investments. Sometimes, putting trust in the hands of a professional can give you a much larger benefit than the cost could ever be.
Myth 2: I can do a better job of managing a property. Sure, maybe you do well. You can manage the property. But, how often are you going to want to get calls in the middle of the night that the faucet is leaking? Or, how about not being able to take your family on vacation because your rentals may need your attention? And, of course, where will you even start if you have to do an eviction? Are you familiar with the legal procedures?
Leaving the job of managing properties to the professionals can allow you more time to focus on your profession – investing. Property managers will care for your property as if it were their own – and even take steps to be proactive with maintenance, allowing you to have peace of mind.
MYTH 3: I can get better tenants. Perhaps you can score some amazing tenants. But, could you do it again? And again? Sometimes, great tenants are the luck of the draw. To ensure that you are getting the best tenants every time, you need to have proper screening procedures in place. This is where property managers come in. Not only are they professionally trained to look out for tenant fraud, they have access to software that allows strict tenant screening to take place, allowing you to feel confident in the chosen tenants each and every time.
MYTH 4: Property Managers only support large complexes or large portfolios. For some companies, perhaps this is true. However, for the majority of property management companies, caring for your portfolio is treated the same, whether it contains 1 property or 101 properties. It is not about the number, but rather the management of the particular rental and all that goes with it.
MYTH 5: Renters will destroy my property. Nobody can control what a tenant does while inside your home at all times. And, renting out a property comes with that risk. But, what a property management company can do for you is provide you with the best tenants imaginable. That’s right – property managers have the proper training and screening tools to find you reputable and respectful tenants. In addition, thanks to routine maintenance procedures that take place, property managers are able to monitor the health and care of the property on a regular basis. And, of course, take the necessary steps to ensure that the property is in good condition.
Having a property management company handle your rental properties is equivalent to hiring a professional landlord. They have the knowledge, skills, and systems in place to provide you the best service – and best care – for your rental properties. So, what does that mean for you? Relax. And seek out your next investment.
Marina Shlomov, a managing partner at ALH|Podland Realty and Atlanta Rental Homes Property Management is the author of many articles on Landlording, Real Estate, Rental Property Management, Atlanta Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, BiggerPockets and REI CLub and LinkedIn.