When you have a house you’d like to rent out, having to manage it can be the thing that prevents you from turning it into an investment. This doesn’t have to be the case, since there are plenty of property managers that can take it over for you. Property management is a field that has a $101 billion market size. What makes the field of property management so important? How can I find property management near me?
We’re happy to steer you in the right direction, starting by dispelling some common property management myths.
1. Property Management Only Involves Collecting Rent
Many people underestimate the importance of a property management firm. This is generally because they think that property managers only collect rent from tenants.
That notion couldn’t be further from the truth, because property managers play a lot of different roles. Here are some of the tasks that property managers routinely handle:
- Appearing in court for evictions and other cases
- Maintaining bookkeeping and accounting for a property
- Taking prospective tenants on tours
- Processing maintenance and repair work requests
- Making improvements to the property that get a return on investment (ROI)
Get to know what services you need so that you can prioritize them when hiring a manager.
2. Property Management Service Is Expensive
It’s this myth most of all that keeps people from taking advantage of property management services. Property management is not only cost-effective, but you typically don’t even pay money out of pocket.
Most property managers collect a percentage of whatever rent you collect each month. Ask about their percentage upfront to make sure that it’s fair and affordable.
3. It’s Easy to Find Good Tenants
It’s easy to get applications, but finding good, reliable tenants takes some work. It’s work that the average property owner doesn’t want to do because it takes so much time and research.
At a minimum, you need to background check and screen every application. A property manager will take it a step further and call references so that you can find a tenant that is trustworthy and likely to take good care of the property.
4. All You Need Is Software
Because there are so many Software as a Service (SaaS) platforms available, many people think it’s easy to go plug and play with your property management needs. While these software platforms are sophisticated, there’s no substitute for having a human being who understands the industry.
There are several questions and nuances of property management that software can’t account for. Your property manager is also the face of the property, which makes their hire an investment that will keep paying for itself.
5. Good Property Managers Are Hard to Find
Since the industry is so vast, you shouldn’t have an issue finding a good property manager. Always check their credentials and make sure that they serve your state and city.
Schedule consultations to discuss their background, how many properties they manage, and how they can help you get the most from yours.
How Can I Find Property Management Near Me?
Start with this property management guide so that you have a better understanding of these services.
Now, there’s just one question you’re likely asking yourself – “How can I find property management near me?”.
At Outland Real Estate, we can serve any property management or real estate needs that you have with care and professionalism. Send us a message, or give us a call at (815)300-3559.