There are quite a few misconceptions about property management. Investors understand that properties can’t manage themselves but have heard too many rumors about hiring property management companies. Here are five common myths about property management, and discover the truth behind hiring a property management company.
Common Myths About Property Management
Property management only involves collecting rent.
A lot more goes into managing a property besides collecting rent. Yes, you can generate a passive income by investing in rental properties, but property management requires hard work. Day-to-day property management operations include responding to tenant requests, preventive maintenance, and more, besides collecting rent.
Investors can manage the property themselves
After reading the above myth, you might still think you can manage the property yourself. Of course, you can take on most of the day-to-day property management if you aren’t already working a full-time or part-time job. However, managing a property is a full-time job. Do you want to take on managing your investment property full-time? Other tasks not listed above include marketing, repairs, bookkeeping, and reporting.
Investors can’t afford to hire a professional property management company
A loss of revenue is often the biggest fear when hiring a property management company to manage your investment. Not hiring a property management company can have the opposite effect on investment property. A property manager aims to protect your investment and maximize your revenue. If your property is successful, so are they. We are proud to provide an average of 15% in savings in landlord operating expenses.
I can handle maintenance
Investors might assume that if they handle repairs and maintenance on their primary residence, they can take care of a leaky faucet for a tenant. Emergency repairs are no joke, especially in the middle of the night. A property management company will have an established list of service providers ready to tackle an issue, even at 2 am.
Property management companies don’t screen tenants
A common myth about property management is that property management companies don’t screen tenants. A professional property management company will always run prospective clients through a screening process. Things such as a credit score check, rental history, and criminal record will be evaluated before signing a lease. Screen tenants help ensure that property managers are leasing to high-quality tenants and, hopefully, fewer headaches down the road.
Owning and investing in commercial real estate can be rewarding; however, managing the property yourself can be daunting. At Vista Holdings, we provide tailored strategies, services, and solutions to our clients on a national scale. We may be a small business, but our large reach and breadth of knowledge allow us to better serve our clients in a collaborative and hands-on approach.
These are just a few common myths about property management and the truth behind hiring property management companies. If you have additional questions and want to speak to one of our experienced team members about our extensive commercial property management services, please do not hesitate to fill out a contact form, and we will get back to you as soon as possible. We look forward to working with you!
