5 Common Myths About Property Management
The real estate industry is quite wide. Therefore, it’s understandable that there could be confusion about the aspect of property management. Most property owners, particularly those new in the market, are usually confused, and it doesn’t help that false information exists. To clarify, we bust a few common myths about property management.
1. Property Management Is Just for Large Buildings
Most property owners assume that they don’t need to invest in property managers because they own small buildings. However, this couldn’t be further from the truth. Property management covers all types of property, including residential property such as single-family homes and apartments. It also extends to commercial properties like retail complexes and office buildings.
2. Property Management Is Only for Rent Collection
Property management is a huge industry that comprises many activities. According to IBISWorld, by 2020, the industry was worth roughly $88 billion. If it were all about rent collection, this sector wouldn’t have grown this much. Property managers do other things like managing security, property accounting, screening tenants, hiring repair contractors, and managing property maintenance.
3. Property Managers Aren’t Necessary
Most people believe they can manage their own properties and don’t need to hire a property management company. If you’ve been in the industry for too long, you’ll know this isn’t true. As we have seen, these companies do a lot of activities for you because they have more experience in running properties. They also know how to screen tenants, only allowing the right ones to rent your property.
4. Property Managers Won’t Care for Your Property Like You
Your property is your investment, meaning no one can care for it like you, right? One of the responsibilities of property managers is to care for your property. That’s their job, and they know they stand to lose if they don’t care for it. You can rest assured that these companies will care for your property just like you.
5. Tenants Don’t Respect Landlords Who Don’t Manage Their Own Properties
Tenants won’t lose respect for you because you’ve hired a property management company. The truth is that managing even a single property takes a lot of work and time, and landlords could use the help. In addition, these companies respond promptly to tenants’ concerns, which makes them have even more respect for you.
Don’t let misinformation prevent you from enjoying the services of a property management company. Let AMMT Property Management, LLC clear things up for you and help you manage your property today.