A lot of people have unrealistic views of what property managers actually do. Here are 6 myths about property management (that aren't grounded in reality).
MYTH 1: PROPERTY MANAGEMENT IS A DIRTY JOB.
FALSE! Property Managers manage a valuable asset, and it is extremely valuable to both the investor and the tenant.
MYTH 2: PROPERTY MANAGEMENT DOESN’T PAY WELL.
FALSE! Property Managers make a good residual income, with stable income streams from long-term clients.
MYTH 3: PROPERTY MANAGERS DEAL WITH UNEDUCATED INDIVIDUALS.
FALSE! 1/3 of the US housing market is renter occupied. That means over 40 million housing units are occupied by renters, from college students to retirees. As homeownership rates decrease in the US, the number of renters continues to rise.
The demographic of renters is broad and inclusive of both educated and uneducated individuals, and both low and high income brackets.
MYTH 4: PROPERTY MANAGERS CLEAN TOILETS AND BOARD UP HOUSES.
FALSE! Property Management services are comprehensive and focus on servicing tenants and managing real estate for investors.
MYTH 5: PROPERTY MANAGERS HAVE NO EDUCATION.
FALSE! Property Managers are extremely professional and have a large knowledge-base that allows them to handle the many facets of managing properties (service, legal, accounting, regulations, etc.)
MYTH 6: PROPERTY MANAGERS WORK IN BAD OR LOW INCOME AREAS.
FALSE! Property Managers are responsible for marketing properties and securing tenants for rental properties. This service applies to every income bracket, low to high.