As a homeowner, property management can easily be overwhelming. Even if you only have one or two properties–complaints and vacancies can start to eat up your spare time. What may have started as a passive income can quickly escalate to the burden of a second full time job. So why not hire a professional property manager? While we’ve heard a lot of reasons why not to hire a professional, most are riddled with misinformation and frankly, are just myths.
Here are the top 5 property management myths and the answers to debunk them:
I understand! A feeling that no one will protect your investment and care for your home like you will is a valid concern. RPM Choice, a professional property management company, cares about your home. We protect your asset and help add value to it if possible. With a fresh perspective and unique knowledge of the market in your area, RPM Choice may suggest upgrades that can add to the value. Real Property Management Choice are also aware of market trends, pricing, and strategies that may help to increase your market potential and the monthly income you can generate on the property.
I Can’t Afford to Hire a Property Manager.
Have you calculated how much it is truly costing you currently without one?
How much is your time worth? Ten dollars an hour? Fifty? One Hundred?
Are you being pulled away from your day job, family activities, and vacation opportunities because of your rental property?
While a property manager does cost money, RPM Choice charges a minimal amount (average 4 % to 8% yearly) when RPMC can make average 20% more in first 12 months after taking over the management. Look at the big picture: A quality property manager, such as RPM Choice, would be able to fill your vacancies 2-8 weeks faster while getting 10%-20% better rental rate with a quality tenants, deal with late night maintenance calls, keep eyes on your property all the time with regular inspections and preventative maintenance, and utilize its vendor contacts to get you better pricing on repairs.
Renters Will Destroy My Home.
It is true that renters can be hard on a property, but a professional management company, such as RPM Choice, would only rent to the best possible residents. This doesn’t always prevent residents from causing damage. For this reason, RPM Choice will conduct regular evaluations of the home. This allows for them to assess every area of the home and ensure that the resident is abiding by the terms of their lease and caring for your asset. Minor problems can be caught before they become major ones and resident damages can be tended to and remedied immediately. RPM Choice keeps you informed with any concerns after regular evaluations.
While you may have had good success in the past finding residents for your home, renting out your property is a huge liability. Are you setting selection criteria for your applicants that meets Federal Fair Housing and HUD guidelines? Are you conducting credit checks, criminal background checks, employment verification, and checking for previous eviction history? A professional property management company, such as RPM Choice, holds high standards of legal compliance. They are familiar with Federal Fair Housing laws, Housing and Urban Development standards, the American Disabilities Act, and all other local and state laws in your area. They have set selection criteria and high qualifying standards in place that ensures that you receive the best possible residents in your home.
Property Management is So Easy, I Could Do it in My Sleep!
Parts of property management are easy! That’s true. But what about evictions, collecting payments on a property that is behind on rent, angry residents, late night emergency maintenance calls, residents who are not compliant with the lease terms, ask for rent increases from long term tenants year after year, pest problems, deal with liability and damage claims, and the many other daily struggles? It can be hard to be the bad guy all the time. Residents are not your friends, they aren’t understanding when you are too tired to deal with their problem. They don’t care if you’re busy right now. Sometimes they complain so much that it gets difficult for you wanting to even answer their phone calls. That’s what a property manager is for. Let us deal with all of the drama and chaos, so that you don’t have to.
Real Property Management, as the largest property management brand in the country, we are well equipped to maximize your investment, alleviate the daily burdens, and provide you with detailed communication along the way.