Property management is one of those fields that are quite controversial because of the amazing myths that people come up with. But as you know, myths are not to be believed as most of them have no basis.
If you are an investment property owner and you’re on the fence about hiring a property manager, this post is for you as one of Lakeland property management experts debunks some of the most common misconceptions about property management:
Property management does include collecting rent, but that’s not all there is to it. Property managers are responsible for a lot of different things, from ensuring that every unit is well-maintained to finding the right tenants, taking care of all the repair work, and so much more.
Myth #2: Since All Property Managers Do the Same, It Makes Sense to Go with the Cheapest One
Experienced property managers are not cheap, but they’re not expensive either. If you think of all their responsibilities, every property manager worth their salt knows the value of the services they render. If someone is offering you rates that are too good to be true, it’s because it probably is. They might be someone who has zero experience or is not going to put in the work a great property manager should. So really, you might think you’re saving money, but going with the cheapest manager you can find could actually be wasteful.
Myth #3: Property Managers Always Goes Against the Wishes of the Owner
This is a big ‘no.’ How can this be? First of all, property managers are hired by the owner of the property. Secondly, property managers are guided by regulations that are in place to minimise risk for landlords and tenants. They know their obligations and work hard to fulfill them all. As any dedicated property manager, they’ll tell you that they are actually there to help both parties – the landlord and the tenant, and ensure that everything works out well for everybody.
Myth #4: Property Managers Have the Easiest Job in the World
This is wrong on so many levels. Property managers are in fact like the director of a movie – they are responsible for everything. They do their best so that the producers (the client) are satisfied and that they’re getting the return on their investment that they expect. They should also do their best to make the actors and their audience (the tenants) happy with what they’re doing. If in any way, any element of their job – be it in the maintenance, rent collection, tenant screening, etc., is not done properly, the whole thing can come crashing down.
Myth #5: Property Managers Get Paid More Than What They Should Get
Here’s the thing: most property managers dedicate almost 24 hours of their day to their job. Many property managers answer requests 24/7, especially if it’s an emergency. Then they’re often at the receiving end of complaints and even animosity of the tenants. And often, for all that they do, property managers rarely get a “thank you”. So, are they getting more than what they should be paid? Not at all. Be that as it may, property managers take pride in what they do and aim to provide quality service.
Conclusion
There you go. These are just some of the myths that surround property management that have no truth in them at all. So if you’re thinking of getting Lakeland property management services, go ahead. As long as you work with a manager with a good reputation, your investment in their services is going to be worth it.
Orlando REO Professionals offers property management in Lakeland, FL, as well as other services. Contact our team today to learn how we can help you get the most of your investment property.