Your Dallas investment property should provide you, the owner, with an additional source of passive income. However, a residential property can only provide a “passive income” if it is properly managed. When applicants need to be screened, the residence needs to be maintained, and countless other tasks need to be finished, how can you find the time to do anything else?
The answer is simple: hire a proven Dallas property management company. Some people are hesitant to do so, because they have heard one or more of the seven property management myths below. We will debunk every single one of them, so you no longer have to worry about potential problems with a property manager.
Property Management Myth #1: Property Managers Are Too Expensive
Perhaps the most common myth about a property management company is that it will be too expensive. However, this is far from the truth.
Will a property management company charge you a fee? Yes. Will that fee be worth your money for the services provided? Yes. Through proactive marketing, knowledge of the local real estate market, and a team dedicated to the upkeep of your home, a property manager might even increase your net income.
Property Management Myth #2: I Would Take Better Care of My Home Than a Property Manager
Many DIY landlords have full-time jobs, which means they don’t actually have the time, skill, or vendor network to properly manage and maintain their property. Fortunately for Dallas real estate investors, a professional property management company will in fact take great care of each property. Why? For the very simple reason that the better the home is maintained, the more likely it will remain occupied by a tenant for the desired rental price.
Property Management Myth #3: Renters Will Destroy My Home
While it is true that renters can be hard on a property, it is also true that a professional Dallas property management company will thoroughly screen tenants. Rental histories, background checks, and references are gathered during the screening process. This information is then used to help the property manager choose the optimal rental. In addition to choosing the right tenant, property managers will conduct regular evaluations of the investment property to spot minor problems before they become major ones.
Property Management Myth #5: I Could Lose Control Over My Property
This myth simply isn’t true. You are the owner of your property, which means that you are 100 percent in control of what your property manager can and can’t do. End of story.
So long as you have a legally binding contract, you will be in control.
Property Management Myth #4: Property Managers Aren’t Necessary
Can you market your home, thoroughly screen tenants, and draft a legal leasing contract? Do you know the local eviction laws? Do you have a 24/7 emergency vendor who can resolve maintenance emergencies at any time of the day? Do you have an intimate understanding of the local real estate market? Do you know how to price a home to discourage vacancies, while simultaneously achieving the highest possible ROI?
Unless you answered a resolute “yes” to each of those questions, you need a property manager. Whether it is collecting rents, handling complaints, or legally handling a tenant eviction, a property manager is the best person to successfully manage your investment property.
Property Management Myth #6: Dallas Property Managers Only Work With Locals
Once again, this myth is false. A professional property manager will work with locals, out-of-state investors, and even international investors. In fact, one of the greatest perks of an investment property manager is that you never have to visit the property; you can have peace of mind knowing that the property is being looked after.
Property Management Myth #7: Involving a Property Manager Will Complicate Things
A professional property manager won’t “complicate things”; in fact, they will make your life easier. From helping you to navigate the tricky legal waters that can surround rental properties, to handling the day-to-day tenant interactions, a property manager is here to make your life as a real estate investor easier.
Interested in learning more about the Property Management Services we provide? Contact us today for a FREE consultation.
Luke Yancey says
Myth number two was really interesting! I understand why so many people would assume that they could take better care of their property than a manager. After thinking it through, it makes sense that someone who makes a living off of managing a property would most likely do a better job! Plus, there is a lot more that comes with owning property than just managing it. I would have to assume that there would be other things a property owner would be concerned with that would prevent as much care and time being put into maintaining the property from occurring!