Wednesday, September 27, 2017

3 Myths You Probably Believe About Property Managers

There is a lot of confusion surrounding property managers and what they can do for the average home or property owner. The reality is that being a landlord is a full-time job in of itself. Even if you intended to rent as a form of passive income, maintenance, repairs and leasing can eat up your free time. Before you know it, it can feel as though you have been saddled with a second full time job!

Scott Safadi of Cal Bay Property Management knows that there are plenty of reasons not to hire a professional property manager, but so many of the usual reasons are myths. Cut through the misinformation so you will better understand the decision to hire a professional.

Myth #1: Property managers are too expensive.

How much is an hour of your time worth? How many hours per week are you investing in the upkeep of your rental? Taking an honest look at your weekly chores and assigning a monetary value to your free time is a great way to determine if you can afford a property manager. Because professional property managers are experts at their jobs, they can fill vacancies faster and deal with maintenance chores more quickly than the average landlord, too!

Myth #2: Property managers won't vet tenants as thoroughly as the landlord.

Leasing is complicated. There are Fair Housing laws to worry about, credit checks and criminal background checks to conduct. Calling references and checking for a history of evictions takes time. Even the most thorough landlord can miss things property managers will think to check. Your time is valuable! Leave the bureaucratic tasks to a property manager.

Myth #3: Property management is easy. Hiring a professional property manager just isn't worth it.

While property management can be a breeze, there are challenging times in every landlord's experience. Evictions, collecting late rent payments and handling late night maintenance issues can be incredibly stressful. Outsourcing these tasks to a professional property manager can be a relief. The reality is that it can be had always being the bad guy. Nobody likes to deliver bad news constantly. In times of chaos and stress, having a professional take over makes your life much easier!

Whether or not you decide to hire a professional property manager, understanding the realities of what a property manager actually does can clarify your decision-making process!

- Scott Safadi, Cal Bay Property Management 


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