When it comes to property management, there is no shortage of myths. Unfortunately, some of these myths are so convincing that it keeps some landlords from taking advantage of the property management services that could really benefit them. At Stowers Real Estate, we understand how beneficial it can be to have an experienced property manager on your side in Danville, and that’s why we’ve set out to debunk a few of the myths about property management.
Myth #1. It’s too pricey to hire a property manager.
When you are managing your own property, it may not cost you actual dollars and cents, but it’s important to consider the value of your time, as well as how much of your time you’re spending managing your property. How much is every hour of your time worth that you aren’t at work or spending time with friends or family? When you consider the real value of your time, the cost of hiring a property manager becomes much more palatable, and some landlords can even save money by taking advantage of property management services.
Myth #2. A property manager won’t take care of the property as well as you will.
Property isn’t a small investment, and it’s understandable that you want to do everything in your power to protect your investment, and that it might be difficult to entrust it to someone else. However, it’s important to note that your property management company also wants to make the most out of your investment property, and they’ll provide you with insight that will not only help you maintain your property, but will also help you grow your investment.
Myth #3. You’re a strong judge of character, and it will be easy to find the right renters.
Although having a rental property can be a tremendous and profitable investment, it can also be a liability. If you rent to the wrong person just one time, you could end up with extensive damage to your property. Additionally, there is quite a bit of legal criteria that needs to be considered when renting, and most average homeowners are just not aware of all of the ins and outs of legally renting to an individual. Property managers know what steps have to be taken to find the right renters, and they’ll provide credit checks and background checks to ensure that they fill your property with renters you can trust.
Myth #4. You’ll no longer be in control of your rental if you hire a property manager.
One of the biggest reasons landlords forego hiring property managers is because they don’t want to risk losing control over their rental property. But this is the wrong way of looking at property management. Instead of taking control over your property, a property manager is there to manage your tenants and maintain your property.
Myth #5. Property management is easy; there’s no reason to hire a property manager.
While it’s true that certain parts of property management are simple, it’s important to consider the not-so-easy parts of property management. Angry tenants, payment collection, evictions, middle-of-the-night maintenance calls, lease non-compliance issues and late or missed payments are just a few of the many parts of property management that can be complicated or difficult. Day-to-day life as a landlord can come with any number of struggles, but hiring a property manager can make managing your investment property, and profiting from your investment property, much easier. There are so many property management myths out there, but we hope that learning the truth about a few of them will help you understand just how valuable hiring a property manager can be. Contact us or visit us online today to learn about the property management services we offer in Danville and the surrounding areas.