Are you avoiding hiring a property manager in St. Marys, Charles, or Calvert County because you think they are too expensive or don’t do much?
We’ve debunked the top property management myths so you can make a more informed decision on who’s looking after your property.
As a homeowner, property management can easily be overwhelming. Complaints and vacancies can eat up your spare time even if you only have one or two properties. What may have started as a passive income can quickly escalate to the burden of a second full-time job. So why not hire a professional property manager? While I’ve heard many reasons not to hire a professional, most are riddled with misinformation and are just myths.
Here are the top 5 property management myths and the answers to debunk them:
No One Can Take Care of My Property As I Can.
I understand! A feeling that no one will protect your investment and care for your home as you will is a valid concern. However, a professional property management company cares about your home. They want to protect your asset and even help add value to it if possible. With a fresh perspective and unique knowledge of the market in your area, they may suggest upgrades that can add to the deal. Property managers are also aware of market trends, pricing, and strategies that may help to increase your market potential and the monthly income you can generate on the property.
I Can’t Afford to Hire a Property Manager.
Have you considered how much it is costing you currently without one? How much is your time worth? Ten dollars an hour? Fifty? One Hundred? Are you being pulled away from your day job, family activities, and vacation opportunities because of your rental property? While a property manager costs money, it is usually minimal when you look at the big picture. A property manager could fill your vacancies faster, deal with late-night maintenance calls, and utilize their vendor contacts to get you the best repair pricing.
Renters Will Destroy My Home.
Renters can indeed be hard on a property, but a professional management company would only rent to the best possible residents. This doesn’t always prevent residents from causing damage. For this reason, an experienced property manager will conduct regular evaluations and provide tenant liability insurance. This allows them to assess every area of the home and ensure that the resident is abiding by the terms of their lease and caring for your asset. Minor problems can be caught before they become major, and resident damages can be tended to and remedied immediately. When the evaluations are complete, you receive a full detailed report of the home’s condition, giving you peace of mind.
I am a Good Judge of Character; I Can Find the Best Tenants for My Home.
While you may have succeeded in finding residents for your home, renting out your property is a huge liability. Are you setting selection criteria for applicants that meet Federal Fair Housing and HUD guidelines? Are you conducting credit checks, criminal background checks, employment verification, and checking for previous eviction history? A professional property management company holds high standards of legal compliance. They are familiar with Federal Fair Housing laws, Housing and Urban Development standards, the American Disabilities Act, and all other local and state laws in your area. They have set selection criteria and high qualifying standards that ensure you receive the best possible resident in your home.
Property Management is So Easy; I Could Do It in My Sleep!
Parts of property management are easy! That’s true. But what about evictions, collecting payments on the property behind on rent, angry residents, late-night emergency maintenance calls, residents who are not compliant with the lease terms, and many other daily struggles? It can be hard to be the bad guy all the time. Residents are not your friends; they don’t understand when you are too tired to deal with their problems. They don’t care if you’re busy right now. Sometimes they complain so much that it gets challenging to want even to answer the phone when they call. That’s what a property manager is for. Let us deal with all the drama and chaos so you don’t have to.
As the largest property management brand in the country, we are well-equipped to maximize your investment, alleviate the daily burdens, and provide you with detailed communication along the way.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
