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Not Knowing Or Being Cheap With Property Management Comes With A Price.

For the average person or new investor who isn't familiar with property managers, they tend to believe things that have heard about property management companies. If you are considering hiring a property manager, it's a good idea to learn the difference between what's really true over things you've "just heard about".

A few truths about the myths:

Property managers cost a lot of money.  It depends on how you look at it.  If you think that 10% of the monthly rent costs more money than no rent at all, bad tenants, damaged property, lawsuits,etc., then ok, it's true.  But look at it this way, on average, an owner spends $1200 per year (based on $1000 a month rent) for a property manager.  So, what really costs more?

Property managers will rent to anyone.  A bad one will.  Truth is property managers want the least amount of headaches and problems - the best way to do that is to rent to qualified tenants. Property managers know how to screen tenants and have all the the tools most DIY do not have or worse, do not want to spend the money to use.

Property managers "nickel and dime" owners. Honestly, some do.  Bottom line, if you look for cheap - you get cheap.  And it all comes with a price.  Be cautious, if a manager charges 5% of the monthly rent - then there is a good chance there are a ton of hidden fees. Read contracts carefully before you sign up for "cheap".

Once you hire a property manager - you never hear from them.  If you hire a bad company - likely you will have little or poor communication. If you hire a good company - the odds are - you will receive good service.  Ask a lot of questions and get references!

Cheap comes with a price as does not knowing the facts - whatever you decision is about managing property - make sure what you have heard is really the truth!

 

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

This blog is written with my opinions and my opinions are  presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .

 

Comment balloon 8 commentsGabrielle Kamahele Rhind • November 04 2013 04:25AM

Comments

Good morning, Gab.... property managers are worth their weight in gold.... they are under appreciated.... but just as with any service profession, one needs to do some research, get references and ask the right questions when interviewing..... 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) almost 5 years ago

Hello Gabrielle,  You hit the nail on the head, so many people do not understand the benefits of having a property manager.  Great blog!  Suggested.

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) almost 5 years ago

Hi Gabrielle.  Like everything else. prospective clients should ask for references and I know they would be very pleased with the feedback they would get from your clients.  

Posted by Scott Larson, Park City, Utah Real Estate News (BHHS/Utah Properties) almost 5 years ago

I actually saw a lease today from a Property Management company that said the tenant will agree that any repair under $100 will be the tenant's responsibility and don't call them.

Posted by Florida Tolbert Team Keller Williams Advantage, Keller Williams Land Division Specialist (Keller Williams Advantage III Realty in Lake Nona) almost 5 years ago

You're so dead-on! I'm the first to know the effects of bad property management... it can cost thousands! Ask my checkbook. But yet, I will always use property managers as I have no desire to landlord anything myself. It's tough to find a good one, but they are worth their weight in gold once you find them.

Posted by Ali Boone (Hipster Investments) almost 5 years ago

People do silly things like this to attempt to save money.  Let the professionals do what they do best.  To me, this is akin to people with no negotiating skills or knowledge of the real estate market trying to sell their family home.  They may save the broker fee...but at what cost?

Posted by ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists (ReadySetLoan Condo Team LLC) almost 5 years ago

These are all good reasons to hire an experienced and professional property manager like you Gabrielle.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 5 years ago

The old sayiing some will spend a dollar to save a penny comes to miind.

Posted by Charles Stallions, 800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl. (Charles Stallions Real Estate Services ) almost 5 years ago

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