Relying on a respectable property management company can help lighten the load of owners who are also managing their rental properties. Overseeing rental units can be challenging and physically draining, especially for landlords who lack experience, knowledge, and those who are managing other ventures simultaneously.
Owners of rental properties can benefit significantly from the services provided by a reputable property management firm. Unfortunately, there are many misconceptions surrounding property management that are keeping many landlords away. Here are some of the most common mistakes and the truth behind them:
Hiring a property management company is a waste of money- This false impression may stem from the belief that landlords can easily manage their rental units, so a property management firm is an unnecessary expense. But is this the case? There is more to managing rental units than simply monitoring rental fees. One has to take charge of advertising the home, finding suitable tenants, taking care of maintenance work, dealing with tenants’ concerns, and many other activities that take time, energy, and resources.
Instead of solely considering the management fee you are paying the firm, you should assess the overall benefits the company is providing. You should also take into account the added value of their service and the terms of business.
For instance, Richey Property Management, LLC, a highly-recognized Northern Virginia Property Management Company, offers guarantees to clients. You do not have to pay when they fail to deliver results. You can even terminate their contract if you are dissatisfied. How is that wasting your money?
Owners are better equipped in finding suitable tenants than managers of a property management firm- You may have the talent of recruiting and screening applicants for employment in your other ventures, but the process of finding tenants is different. Property managers from an excellent Northern Virginia Property Management Company can handle tenant screening better than you.
They know what to look for and the red flags in an application. They have been doing the work for many years so they are aware of specific schemes that some renters do. Keep in mind that even one bad tenant can cause massive problems. Instead of relying on your “instincts,” it is best to depend on expertise.
Hiring a property management company means owners will lose control of their property- If you are afraid that hiring a property management company means no longer having a say on the rental units you own, you are mistaken. Do not forget that the firm is working for you. When you sign the agreement contract, you are not giving up your management rights to the firm. You are just making it official that professionals will be helping you to manage your properties, so you have more time to take care of your other responsibilities.
Do not let the above misconceptions deter you from experiencing the benefits of partnering with a credible property management company. You do not have to spend all your time, energy, and peace of mind overseeing your rental investment. Remember that help is always available.