Debunking Top 5 Property Management Myths
Just like any other business, the Property Management industry has its fair share of myths that could hold no truth. The real estate industry is a broad spectrum in itself, thus it is understandable that there could be room for confusion for property managers and property owners themselves, especially for those who are fresh in the rental market. Whether it be from the roles of a property manager to the tools to use, Property Management myths could not easily be shrugged.
In this article, you will discover all the top 5 property management myths as we debunk them to pieces to shed light on how experienced property managers run the real estate business as should.
Myth #1: Property Management is all about rent collections alone.
Property Management Myth Busted!
Property Managers are many things and are almost always bogged down with seemingly endless property management tasks. Talk about having their weekdays’ work bleed into weekends. They could only wish they were Superman who can do all things at once! The good thing is, most Property Managers are smart enough to create their own fantastic property management team to help fulfill their roles and responsibilities from collecting rent, ensuring and maintaining the property, arranging maintenance and routine inspections, and a lot more than just growing their rent roll.
Property Managers are getting smarter by the day by employing property management virtual assistants that could help them save more money to scale their real estate business. Offshore staffing solutions have become a game changer in most industries, especially the Property Management industry as VAs help in increasing productivity, reducing costs, and boosting your bottom line. Not only did they learn how much you can save by employing a virtual assistant, but they also learn how to save time and sanity. You’ll be glad to know what tasks you can allocate to a virtual assistant and what sort of support you will get from employing a virtual assistant.
Myth #2: Property Managers are all the same, so it’s best to choose the cheapest one.
Property Management Myth Busted!
Property Managers who tend to sell their services cheap only means one thing: they discount services that they cannot sell.
Seasoned property managers may not be less expensive than the others, however, they are equipped enough through their experience as shown by the number of their rent rolls. Not to say that Property Managers who are growing their first few doors aren’t good enough, however, rest assured that experienced property managers will provide property management services that will give your money’s worth and more.
Myth #3: Property Management software systems are just an extra expense and a headache, to say the least.
Property Management Myth Busted!
A Property Management software system is definitely an extra expense and a headache–only if you do not know how to maximise its functionality to fit your needs. It is crucial to learn to adopt new technologies in the property management industry because the property management software system is engineered to increase your productivity and boost your bottom line in no time.
These systems can offer plenty of useful options such as providing online rent payments and work orders. One might even think that these software solutions will break the bank, which is totally untrue considering that there are property management software solutions that are free to let you run your business on the go.
Being organised in Property Management is a great thing as it helps you on how to effectively monitor your property management business, but having a Property Management software system in place gives you an edge over your competitors beyond what you can imagine–only if your competitors have not considered having a property management software system yet!
Myth #4: Property Managers are paid heaps.
Property Management Myth Busted!
Yes, Property Managers work in the Real Estate business, but that doesn’t entirely mean that with just a flick of a finger, whopping wild bags of cash will appear. Of course, we could only wish.
Apparently, 60% of a property manager’s tasks are administrative, which means most of the tasks a property manager does are non-dollar productive. These financially unrewarding tasks bury most Property Managers in heaps of paperwork, impeding their chances of scaling their real estate business as soon as possible. And if you’re a property manager who is trying to grow your first 50 doors, we could only wish that you follow the 6 steps to structure your business for success at the very least.
Fortunately, there’s always a workaround to these non-dollar productive tasks to let you focus more on harder and bigger decisions, and for you to prioritise more on money-generating tasks that require an ample amount of time and attention.
I can’t stress this enough: employ a purpose-trained property management virtual assistant!
Myth #5: Rental property owners can manage their properties themselves without needing a Property Manager’s help.
Property Management Myth Busted!
Even if you’re a jack-of-all-trades kind of person that is well-versed in the how’s and why’s of property management, I’m pretty sure there will be moments that you wish you could split yourself to be in two or more places at once to accomplish all urgent deliverables there are.
Reality check: Most of your tenants do not care whether you are tired or in the middle of something important.
A sight of one leaky kitchen faucet and your phone gets bombarded with emergency maintenance calls. Time is of the essence here, and of course, your peace of mind. When your handyman skills can only do so much, it’s best to assign maintenance requests to the handyman experts. Or better yet, leave the property management to property managers.
There you have it, the top 5 property management myths debunked! We’re hoping we’ve enlightened you of some of the possible property management misguided beliefs or commonly held misconceptions you might have heard. For all we know, it could add up to the biggest challenges of a Property Manager. Do you happen to know any property management myths that are not yet listed above? Share them with us so we can debunk them altogether.
