Property management can be a complex and confusing undertaking. Too often, investors, landlords, and owners are taken aback by the misinformation floating around in this industry. Misunderstanding how to care for your investment could result in costly mistakes that put you at risk. That’s why it’s so important to educate yourself on property management myths; such knowledge gives you access to informed decision-making essential for protecting your investment under any circumstance.
Primior has spent years researching the common misconceptions about these topics — from false promises to property management standards — so we’ve developed an honest and transparent guide designed to help you make well-informed decisions. Here are some common property management myths along with the true story behind them.
Myth #1 – Property managers lack follow-through
Truth: While some property managers may exhibit poor communication or organizational skills, it is not a characteristic of the entire profession. Good property managers understand the importance of regular communication and promptly addressing issues related to the property and tenants.
Property managers often get a bad rap for their supposed lack of follow-up & follow-through, but this myth couldn’t be further from the truth. In fact, property managers are essential to the smooth operation of rental properties, from screening tenants to handling maintenance requests and everything in between. These professionals are trained to be proactive and organized, constantly communicating with tenants, landlords, and vendors to ensure everyone’s needs are met.
Whether it’s responding to an emergency repair request or scheduling routine inspections, property managers are dedicated to providing top-notch customer service and maintaining the integrity of the properties they oversee. So next time you hear someone say that property managers are unreliable, remember that they are an essential part of the rental property equation and work hard to deliver outstanding results.
Myth #2 – Property managers make false promises, such as guaranteed rent
Truth: Property managers cannot guarantee rent because factors like market conditions, tenant behavior, and unforeseen circumstances can impact rental income. Trustworthy property managers provide realistic expectations and work diligently to minimize vacancies and maximize rental income through effective marketing and tenant screening.
Many property managers have developed a reputation for making false promises, such as guaranteed rent. While it’s true that some property managers may overpromise and underdeliver, it’s important to do your research before signing a contract. Look for property management companies with strong reputations and happy clients.
It’s also important to remember that no one can truly guarantee tenants will always pay their rent on time. However, a good property manager should have solid tenant screening practices in place to minimize the risk of non-payment. Don’t fall victim to false promises and take the time to find a trustworthy property management team.
Myth #3 – Most property managers are apathetic and poorly trained
Truth: While it’s true that there can be variations in the quality of property managers, it is unfair to generalize that most are apathetic and untrained. Many property managers are dedicated professionals who undergo training, acquire certifications, and strive to provide excellent service to property owners and tenants.
A successful and effective property manager must have a vast skill set including:
- Excellent Communication
- Conflict Resolution
- Financial Management
In today’s competitive market, professional property management agencies understand the importance of staying up-to-date with industry developments and regulations. This ongoing education ensures that all their staff members receive proper training to handle any issue that may arise while managing rental properties, from maintenance requests to legal concerns. These trained professionals care deeply about their clients’ investments and provide a high level of service to ensure that their properties are well-maintained & profitable.
Myth #4 – Property managers have no accounting standards or procedures
Truth: Reputable property managers understand the importance of accurate financial management. While there may be variations in the level of expertise, professional property managers should be knowledgeable about basic accounting principles, maintain proper financial records, and provide regular financial reports to property owners.
In reality, property managers have to adhere to strict accounting regulations and procedures to ensure their books are balanced and financial statements are accurate. They must track income and expenses, monitor budgets, and create reports that provide an up-to-date financial snapshot of the property. With this level of attention and detail to their accounting practices, property managers can effectively manage funds and keep their clients’ investments secure.
Myth #5: If a property manager pays for your taxes, they can take your property through adverse possession
Truth: Adverse possession requires a specific set of legal conditions to be met, such as the open and notorious occupation of the property without the owner’s permission for a significant period of time. Simply paying taxes does not grant the property manager ownership rights.
One of the most common myths surrounding property management involves the payment of taxes. Some people believe that if a property manager covers your tax payments, they are then entitled to take control of your property through a legal principle called adverse possession. Adverse possession is a complex legal process that requires a prolonged period of occupation without the owner taking any action to remove the occupant. It has nothing to do with tax payments made by the property manager. So rest assured that you can enjoy the help of a property manager in paying your taxes without worrying about losing your property.
Primior’s Commitment to Transparency and Honesty
Primior takes great pride in being a property management company that values transparency and honesty above all else. Our commitment to our clients is unwavering, and we are always transparent in our dealings with them. We believe that being honest and upfront in all of our communications helps to build trust and establish strong, long-lasting relationships with our clients.
At Primior, we understand that integrity is everything in this industry, and we work hard to maintain our reputation as a trustworthy and reliable partner. We are dedicated to providing our clients with the highest level of service possible, and we believe that our commitment to transparency is the key to our success.
Summary to Making Informed Decisions
There are a lot of myths and misconceptions when it comes to the property management industry. Any property owner needs to do their research before choosing a property manager. It’s important to note that while myths may arise from negative experiences or misconceptions, they do not accurately represent the entire property management industry. Many competent and ethical property management professionals strive to provide exceptional service and protect the interests of property owners.
Primior strongly advocates an honest approach to protect its clients’ investments and ensure that each owner’s trust in them is well placed. Primior strives to break all of these common misconceptions, setting itself apart from the competition. Primior knows that its commitment to excellence must meet every customer’s needs as a priority.
With an unrivaled spectrum of offerings and customer-focused service, Primior endeavors to separate itself from the saturation of the industry. If you are a property owner looking for reliable and trustworthy asset managers, visit www.primior.com today!