The American property management industry is worth over 99 billion dollars a year.
But, as a building owner, you might have heard a lot of misinformation about property management. So, how do you find out the truth?
Let's go through the top property management myths you need to know about.
1. You Can Do It All Yourself
Many owners and landlords believe they can manage all their property by themselves. But that's just not true. You may not have the time and energy to spare for property management. Or, you may simply lack the skills and experience to correct different problems.
That's part of why specialized property managers are so important. They ensure that nothing ends up slipping through your fingers and prevent issues that might be small at first from snowballing into a bigger issue.
2. It's Too Much Money
A lot of new investors think it's too expensive to invest in property management for their new properties. However, there are options out there to fit your budget. People or companies who own lots of different properties might want to look into a property management company with lots of experience.
That way, they'll know what to do no matter what problem comes up. They can also offer you broader property management advice. They'll let you know if there are areas you need to put more effort into managing or places you can do less to save some cash.
3. Only Big Owners Need It
Some people have the impression they only need property management if they have a lot of different buildings to juggle. In those cases, the properties might be owned by a company that subcontracts property management to a different company.
But, no matter how few buildings you own, your property management needs are essentially the same - they're just scaled up based on the number of properties that you need to manage.
4. You Can Find The Right People
One of the biggest parts of property management is finding tenants for your property. You might think you're the best person to vet potential tenants for your home. But, that's actually one of the top property management mistakes.
Property management companies have standardized applications and paperwork, and processes in place to ensure that they're finding people who can pay the rent and will take care of your property.
If you're doing all that by yourself, you might not be aware of major red flags to watch out for. Or you may be asking the wrong questions in the first place. The professionals might even have experience with potential tenants previously, so they'll know exactly what to expect.
Get Around These Property Management Myths Today
Now that you know the top property management myths, you'll be able to keep your business on point. So, what are you waiting for?
Are you looking for full-service property management in Boise, Idaho? We can help you out. Contact Home River Group to get started today.