Being a landlord or property manager isn't easy, especially with issues like the pandemic throwing curveballs. According to a recent Harvard University survey, some landlords could see rental revenues drop by 50% or more. Additionally, the survey found that almost one-third of landlords have been deferring maintenance.
If you're new to being a property manager, you may have heard some myths about the industry. We're here to dispel some of those common property management myths and misconceptions. Read on to learn the truth and how to make the most of your investment.
I Can Find the Best Tenants on My Own
This is a common belief that many new landlords have. You might be able to find an amazing tenant, but can you continue to do so? Maybe you're a great judge of character, but you also must follow all Fair Housing Act laws and HUD guidelines.
Any mistake can cost you. Therefore, the first of our property management tips is to hire a professional management company to maintain legal compliance.
You'll also need to conduct criminal background checks, credit checks, employment verification, speak with past landlords and references, and more. All that takes a great deal of time.
If an applicant isn't a good fit, you need to follow the process all over again for the next applicant. However, a property management service will do this for you, giving you time to focus on other tasks.
I Can't Afford Property Management
It's true investing in a property management company costs money; however, so does every good investment. You have to weigh the pros and cons.
You'll look more professional with a property management group on your side. They handle everything from marketing and tenant screening to maintenance and evictions. This is especially helpful if you're an accidental landlord and you feel out of your depth.
When you consider that a property manager can fill vacancies faster, market to the best tenants, and handle a wide variety of tasks for you, it's worth the money. Plus, you might start bringing in more rent!
Renters Will Ruin My Property
There's no getting around the fact that some renters can cause damage. However, there are steps you can take to mitigate this risk.
For one, renting to applicants with a stellar rental history helps. A property management company screens potential tenants and looks for red flags, such as complaints from a prior landlord and evictions.
Plus, routine maintenance means that they help you keep your property in top condition. You can trust them to offer property management advice, take care of your asset, bring any problems to your attention, and take action when legally necessary.
The Truth of Property Management
These myths about property management often keep new landlords from making the most of their assets. Now that you know the truth, you can start to see the benefits of property management!
Learn more about our full-service management options in the Denver Metro area. At Laureate LTD., we cover marketing, screening, rent collection, and much more. You can also call us to get a free rental price analysis today.
