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5 Biggest Myths About Property Management

5 Biggest Myths About Property Management

Property management is a diversified sector that many people are unfamiliar with. While there are several property management industry myths out there, we're here to dispel the five most popular ones.

MYTH #1: Property management firms take your money and do nothing in return.

FACT: Property managers deduct operating costs like maintenance and taxes from rent money to keep the property in top shape. They must also maintain the property in compliance with local and state laws. Also, when a renter decides to move, the managers search for new tenants. Property managers use their skills to help owners avoid costly mistakes. 

MYTH #2: Property management businesses are only about getting new renters.

FACT: A good property manager will care for minor concerns before they become major ones. Doing so keeps existing tenants happy. If the tenant turnover is high or the property is vacant for prolonged periods, the manager isn’t doing their job.

MYTH #3: Property managers are only looking out for themselves

FACT: Property managers are often seen as the owner's "for-hire" extension. To continue in business, they must be competent, but they must also be fair. They will lose their clientele and professional reputation if they do not.

MYTH #4: Property management firms cheat tenants, too

FACT: Real estate brokers may lead consumers toward unqualified landlords or salespeople. A property manager may not want to do the same, especially if their goal is to help you locate a good tenant. To avoid this, property management companies have risk management rules in place. 

MYTH #5: Property managers avoid questions

FACT: When confronted, property managers are all too eager to explain the facts and why they made the decision they did. Sure, there are a few rotten apples in the bunch, but many property managers will work with you to make the partnership stick. 

Do you have a rental property and need help managing it? You can find out more about rental properties and get valuable advice on how to preserve your rental assets here at Illume Property Partners.