Real estate and property management are some of the fastest-growing industries in the US. The $73 billion property management market includes over 200,000 businesses and employs more than 800,000 employees!
With more and more people turning to real estate for financial investments, the demand for property managers is on the rise.
However, some property owners are still apprehensive about hiring property consultants for the day-to-day management of their rental properties. This is because there are many misconceptions that have taken root over the years.
Let’s take a look at some of these myths and separate fact from fiction:
Myth #1: Property Managers Don’t Care About Rentals the Way You Would
This is a common misconception that most landlords have. However, the truth is that property managers always have the best interests of their clients at heart.
They do whatever they can to increase returns while enhancing the value of the asset.
Myth #2: Property Managers Want Full Control of Your Property
A lot of property owners feel that hiring a property manager means that they’ll have to give complete control to them. They think that once the property manager takes over, owners will have no say over important matters. The reality is quite different.
Property managers collaborate with owners to help them with the maintenance of assets and rental income. In fact, having an expert working with you will give you better control over your property!
Myth #3: Property Managers Don’t Allow Technicians Hired By Owners to Do Repair Work
Most property managers provide suggestions for technicians and repair workers for a property. However, they’re more than happy to work with repair services hired by an owner.
Most property consultants even inquire about owners’ preferred technicians and repair services before they take on the job.
Myth #4: Property Managers Can Be Very Expensive
Although property owners are required to pay for availing the services of property managers, this should be seen as a long-term investment. Once owners assign the responsibility of the property to the professionals, they can save a lot of time and energy. This allows them to expand their portfolio, instead of looking after a single property.
Additionally, property management fees in most states are tax-deductible so you can save some money through that. Furthermore, reliable property managers will make it a point of increasing your revenue and make the investment worthwhile!
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KH Property Consultants is a leading woman-run, property management firm in Brooklyn, New York. We specialize in commercial property management, Rent Negotiations Management, and tenant relations management.
For our full range of property management and development services, get in touch with our team today!
Call us at (347) 987-4063 to learn more.