Every once in a while you come across a myth that seems believable than the truth. And let's face it, fiction is often more fun than fact. But when it comes to choosing a reliable property manager, it definitely pays to know the difference between what you've heard around the rumor mill and what is actually true. Here are just a few property management myths you may have heard and why they're completely bogus!
Myth: You've got to find your own tenant
If you're choosing to manage your own investment property the task of locating a tenant falls squarely in your lap. For some, this is a time consuming and daunting task that frequently ends up with your property being vacant longer than it needs to be. Hiring an experienced Tucson property management company takes this task right off your plate, often for no additional cost. They'll advertise your listings through their extensive advertising networks to get your property viewed by as many potential renters as possible requiring no work on your part. So you can say bye-bye to head hunting!
Myth: They'll let anyone rent your property
Once upon a time there were unscrupulous landlords that would take the first renter who walked through the door with cash in hand and give them the keys to your place. Thankfully, times have changed and skilled Tucson property managers run potential leasers through an extensive background checks. These background checks include credit, criminal, rental and even employment history. Valuable Tucson property management companies don't cut corners on finding the right kind of tenant for your home.
Myth: Once your home is rented, you take care of the rest
Many people still believe once a manager finds a tenant and rents out your property, everything else has to be taken care of by the owners. Not true! Tucson property managers work with you long after your property is rented and beyond. They collect rent, provide accounting reports, take care of maintenance repairs, retain renters during lease renewal periods, and handle evictions of unseemly tenants should the need arise.
Myth: Property managers cost too much
You'd be surprised to learn that you can hire a good Tucson property manager for less than the cost of cable these days! And contrary to popular belief, using a property manager can actually increase net rental income, because they charge market rent and have to ability to attract more qualified residents. And though you should always look through your property management contracts carefully for any hidden fees, you'll find most costs are covered solely by the rental income with no additional out of pocket costs to you. Best of all management fees, which on average are 10-15% of the rent, are tax deductible! And the time you save not having to manage your property directly is truly priceless.
So before you close the door on the idea of hiring a property manager to take care of your investment, do yourself a favor and look past the myths. You'll be glad you did!