December 2016

If you’ve refrained from using professional to assist with your rental home, you might be missing out on vital aspects of the rental process. Maybe you’re skeptical about hiring an agency because of concerns revolving around cost, requirements, and legality. Many common myths surround property management and its role in helping you rent your property. This article will bring you the answers to the most complexed concerns that stem from hiring a property management agency.

Myth 1: Property management is Easy

Property management has its up’s and down’s. You may think that you have all that you need to find a trusty renter but there’s a chance that you could be missing a major detail during the screening process. What if you aren’t prepared to deal with that angry tenant? How do you collect the rent from the late tenant? It’s important to express empathy with your tenants, but don’t allow this to come between you and the rental agreement. A property manager will respectively yet forcefully handle angry or late tenants in a legal fashion, all feelings aside.

Myth 2: Only I can take of my property

This is true. You have invested much time and money into your property, how can you trust someone to take care of it like you can? A property management company will help protect your assets and stick to the ground rules that you prefer. Since they are well-rounded in the property market, they may even suggest upgrades and additions that increase value to your home.

Myth 3: I can tell a bad renter from a good one

Sure, all renters would like to think that have the nose to sniff out the bad eggs, but what about the tiny cracks within the details of information? Renting property is a huge liability and can cost you much more than it’s worth if specific tenant details are missed. A property management company will take all legalities into consideration, focus on extensive background checks and thorough references, obtain employment history, and even set selection criteria for applicants that meet HUD housing and Section 8.

Myth 4: Property management is expensive

If you are investing hours a day in your property, stepping out of work or even sacrificing vacation time to tend to a tenant issue, it is costing you not only your time, but your hard-earned money as well. When you hire a property manager, you are leaving the troublesome details in their hands. Plus, you don’t have to leave work or cancel that vacation to be at the property. They are ready and equipped to handle any and all tenant requests and complaints.

Myth 5: I don’t trust renters

Bad renters have made it difficult to trust even the good ones nowadays. But that doesn’t mean the responsible tenants don’t exist. Reliable and trustworthy tenants are out there and looking for your specific place to call home but these tenants aren’t always easy to find. That is why a property management company can thoroughly sift through each renter that they feel will be a great fit for your property.

Myth 6: They are all the Same

No matter what you hear or how you view property management, not all companies are the same. There are many management firms that offer various services based on your type of property, where you’re located, and your surrounding area. Ultimately, you need to find a company that knows the ins and outs of your city or town. For example, should your home attract vacationers, your agency has the geographical details for interested parties.