If you are just getting started in the landlord game, chances are good that you have considered hiring a property manager. And if you have, you might think that hiring a property manager is counterproductive. After all, why hire someone else to do what you could easily do yourself? To a certain extent, this could be true, but after maintenance issues start piling up with even one property, much less more, hiring a property manager could be a smart move. Here are just a few myths that surround property management.
- Property managers aren’t necessary. It might be true that property managers collect a fee for their services, but when you also consider that so many other responsibilities are taken off of your plate, property managers more than make up for their fees. With a property manager, you don’t have to worry about collecting rents, maintenance problems, and much more.
- Property managers cause owners to lose control over their investments. When push comes to shove, it is the owner of the property, not the property manager who controls what happens. A property manager is an agent for the owner in that he only has the authority over the property that the owner gives him.
- Property managers cost too much. Think of hiring a property manager like ordering from an a la carte menu. You can pick and choose from the services a property manager offers to fit your needs and your budget, but in the long run, a property manager can more than make up for his fee in what he does, and what he takes off the backs of his clients. The best advice when choosing a property manager is to shop around. Property managers, just as is the case with many professionals, all charge different rates, but what matters most in what they charge is their reputation.
- Property managers only work with locals. Some property managers will only work with locals, but many also work with out-of-town owners who choose to have someone else manage their local properties.
- Property managers are limited in what they can do. Property managers are agents of the owners, which means they can do anything that they are allowed to do by the owner. This can range from screening renters to hiring landscapers. In fact, if a property manager doesn’t offer a menu of services, go to another who does.
Anyone in the rental game is looking to make passive income from their property. Property managers should help to maximize an owner’s income.