Top Property Management Myths That You Should Avoid

Top Property Management Myths That You Should Avoid

The value of residential property has been trending upward for over a decade. In 2020, the National Association of Realtors reported that, by certain metrics, the average American home will be worth $382,000 by 2030

This makes investing in residential real estate a smart bet. But, renting out property to tenants comes with legal and practical responsibilities—responsibilities more serious than other investments incur.

As a result, responsible landlords are increasingly seeking property management services.

What is Property Management?

Property management is the umbrella term for the regular work of overseeing and maintaining residential properties. A succinct property management guide instructs on how to:

  • Vet and approve tenants
  • Communicate with tenants
  • Collect rent
  • Evict tenants
  • Ensure residences are safe and well-maintained
  • Resolve tenant disputes
  • Provide resident services
  • Assist with property tax deductions
  • Advertise vacancies

While property owners may perform these tasks themselves, professional property management services have mastered the art. 

6 Must-Miss Myths About Property Management Services

Property management myths don't have a shred of truth in them. Yet, if you fall for them, you'll just give yourself a needless headache. 

As you seek professional property management advice, it's critical to get these six myths out of your head. Instead, replace them with facts. 

1. Property Management Services Are Too Expensive

This myth is 100% false. Property management services typically save real estate owners money in the long run.

Effective property managers can bring in high-value tenants. This can enable rent increases and stabilize your rental income.

They also have the know-how to fix small problems as they come up—long before they spiral into expensive damage. 

2. I Can Maintain My Property Better Than The Pros—For Less

In fairness, we don't know how great your skills are. But, all too often, this myth is wishful thinking more than it reflects reality.

Property management requires a wide range of physical, technical, legal, and interpersonal skills. What are the odds you can actually handle every task better than the pros?

And, even if you can, do you really want to? 

3. Property Management is Easy; It's Just Collecting Rent!

This myth isn't just untrue: it's dangerous. If you don't know everything involved in running a property correctly, you'll quickly run afoul of the law.

Worse, ignorance can create an environment in a property that can make someone sick or injured. At the bare minimum, responsible property managers know the full breadth of what the work entails. 

4. If I Use a Service, I'll Lose Control of My Property

There's no truth to this myth. While property management services often have good relationships with plumbing and repair businesses, they will never prevent you from working with the other service professionals you trust.

Moreover, key decisions about a property's aesthetic and marketing still fall to you, the property owner. A management service may offer advice, but it doesn't override your authority. 

5. I Can Screen Tenants Better Than Property Management Professionals

No, you can't. 

Conducting effective background checks takes time, resources, and expertise. Odds are, you lack one or more of these things.

Property owners are particularly susceptible to "instant" background check options—often not realizing how paltry those checks are. Moreover, slapdash background checks can run afoul of the Fair Credit Reporting Act and civil rights laws. 

Property management services build time for in-depth background checks into their schedule. And, they've often spent years cultivating resources to conduct checks effectively.  

6. Property Management Services Aren't Available After-Hours

This is untrue.

Any property management service worth its salt has an after-hours number to call in emergencies. Tenants never have to wait for urgent plumbing, HVAC, or electrical services.

Trust the Best: Blue Ribbon Property Management

At Blue Ribbon, your property is our passion.

Our extensive property management services are tailored to you. No matter what you need, Blue Ribbon can help your property run smoothly and enhance your investment's value.  

Contact us today to learn more.