Debunking Top 5 Property Management Myths

With the success of any industry comes a lot of myths that usually hold very little truth and, some that do. The real estate business is broad and it is easy for one to believe everything you hear. 

In this article, we look at the top 5 property management myths and we find out if there is any fact to them. We also look at what property managers should do to have a well-rounded business. 

Myth #1: Property Management is limited to rent collections alone.

False: property managers wear many hats. They are hand on in making sure ;

• Rent is set
• Collecting rent and chasing any arrears
• Finding good tenants and long-term lease agreements
• Property maintenance
• Conducting routine inspections
• Paying your bills
• Administration
• Communication
• Prepare for tribunal proceedings
• Stay up-to-date with tenancy laws 
• Give you confidence in the quality of their service 

In today’s world, Property managers are getting smarter. They are now investing more in outsourcing most of their minor tasks. This helps improve efficiency and save them on operating costs.

Myth #2: Property Managers are all the same.

False: Property managers are certainly not alike. Going with the cheapest one doesn’t guarantee you the same results as anyone else. The more experienced and reputable a property manager is the more likely they are going to get great results in your real estate endeavours. 

Myth #3: You don’t need to invest in Property Management software if you have a manager. 

False: In today’s world there is an ever-present need to invest in new and improved technology. This guarantees improved efficiency in your business and gives you a competitive edge over businesses that are not using the same technology. 

If you invest in rent management software for example you can now get a better turnaround time on tasks and less likelihood of errors. Another myth. Is this software will break the bank. This is also false as they are many subscription points to this software that makes sure that you get the right price point for the services you need. 

Myth #4: Property Managers are paid heaps.

False: Approximately, 60% of a property manager’s tasks are administrative, which means most of the tasks a property manager does are non-dollar productive. This means as a property manager you are left working on paperwork more than actually racking in money by the load. This doesn’t mean you cannot have a lucrative business, just don’t expect money at every turn. 

Myth #5: Property Managers don’t need help.

False: As we highlighted earlier the real estate world has so many elements to it. Property managers have several roles that require their attention. That being said they cannot do it all alone. 

Outsourcing Virtual assistants are a sure way to make sure you are not overwhelmed as a property manager. With a virtual team member, you will complement your existing team by getting a fresh mind and perspective. This also means you get fresh new ideas that will grow your business