The revenue size of the property management market reached $16.47 billion in 2021 worldwide. At a compound annual growth rate of 10.21%, this market size will grow to $39.51 billion by 2030.
So, what is property management? It refers to the day-to-day supervision of commercial, industrial, or residential real estate by a third-party management company.
Property investors often gamble by letting a property manager take care of their investments. Still, they are often unsure if it's the right move because of property management myths.
Here, we help you debunk some of the top property management myths.
You Can Do a Better Job With Tenant Screening
You might have been quite successful in finding residents for your home before. Still, renting out your property can be a big liability.
You must check your previous tenant history and conduct criminal background and credit checks.
A reputable property management company maintains high standards of legal obedience. A property manager better understands the federal fair housing laws, the Americans with Disabilities Act, and other state or local housing laws in your region.
Besides, property managers set high-standard tenant screening criteria. This ensures your real estate property gets high-quality tenants.
Property Management Only Involves Rent Collection
Many landlords think all they have to do is sit back and relax as rental payments roll in. Even though you can make passive income from your rental property, it doesn't mean you'll make money by just sitting down.
Property management requires lots of hard work and commitment. You should look for a property manager if you’re not ready to dedicate your time to your property.
Besides rent collection, property managers perform rental property inspections. This measure helps them to stay on top of repairs.
Other services include lease renewals and property maintenance coordination.
Property Managers Assume Total Control Over Your Property
A property management company will supervise every activity happening on your rental property. But, your property manager never makes decisions without your best interests at heart.
In most cases, they can only provide property management advice, but the final decision lies with you. As a landlord, you have full control over what your Cleveland, Ohio property manager can or can't do.
You shouldn't expect your property manager to renovate your rentals without your approval. So, your decision will always be final.
Property Management Costs Are Expensive
All property management companies charge a fee for their services. However, not all property managers will charge you expensively.
Still, some property managers will charge higher fees than others, depending on the types of services provided. Despite the costs, a professional manager can help you increase income from your rental property.
Property managers understand your local real estate market better. So, your company can determine the best possible rental price to charge potential tenants.
This can be a couple of dollars more than you were initially charging.
Property Management Guide
There are many property management companies at your disposal today. So, knowing how best to manage your investments can be challenging.
You can seek referrals from your colleagues, family, and friends when looking for a property manager. Also, read online reviews and comments about your potential property management company.
Ensure you hire a property manager with the most positive reviews online.
Contact us to learn more property management tips.