Did you know in 2019, 36% of the United States's population were renters? Now is a great time to invest in real estate.
If you're a landlord rental property management could be a game-changer. You may have heard some myths about property management and decided it wasn't for you. We know it can be scary to let someone else help you with your property as you already have so much invested in it.
We are here to tell you about the misconceptions people believe and why they aren't true. Keep reading to learn how property management can increase your revenue and save you time.
It's Too Expensive
While on paper hiring a property manager may look expensive when you look at all the services you receive the cost is worth it. They will assist with property marketing, tenant screening, and so much more.
Not only will you have more time but companies can increase your revenue. They are experts in their field and will be able to fill vacancies faster because of their connections. Once you allow a management team to assist you you'll have more time to research and find more investment properties.
Property Management is Only For Large Complexes
Another common misconception about leasing management is they only service large complexes. There are companies that specialize in all kinds of property management.
If you have two homes for rent or 50 apartment complexes a property management team can help you. The right company will treat your property the same as someone who has multiple properties.
I'll Lose Control of My Property
As a real estate investor, you may be worried that you'll lose control of your property. This is the furthest thing from the truth. A rental property management company only acts on your behalf.
They won't make decisions about your property without consulting you. They will have repairs fixed but never a renovation.
You can tell your property manager you want to be included in all matters regarding your property. They will stay in consistent communication with you and you always have the final say.
I Can Do It Better Myself
You may do a good job managing your property but a management company can do it better. Do you know how to start the process of evidencing a tenant? Are you ready for urgent calls in the middle of the night about a busted pipe or leaking refrigerator?
A property manager will take care of all those things for you so you can enjoy your passive income. They know all the ins and outs of property management.
A property manager will also be up to date on all local and federal laws so you don't have to worry about getting fined by the government. By managing your own property you are limiting your ability to grow and expand your real estate portfolio.
Rental Property Management
Deciding whether to hire a rental property management team can be overwhelming. You've already invested so much into your property and you don't want to make the wrong decision.
There are a lot of myths and misconceptions when it comes to hiring a property manager but we hope this article helped ease your mind. If you have any questions and would like help getting started, be sure to contact us.