Owning a Gwinnett County rental property is a great way not only to build passive income, but also to fulfill a basic need in our communities. After all, the number of renter households is on the rise while homeownership rates continue to decline. With that being said, a plethora of misconceptions and myths exist about property management. So, let’s set the record straight and debunk some common property management myths!
True or False? Property Management Myths
1) Property Management is Easy!
False! Property management isn’t for the faint of heart. Many first-timers fall into the misconception that managing a rental is as easy as throwing up a “For Rent” sign and collecting rent. While some aspects of property management are relatively simple, there are more than enough challenges that will keep you up at night… sometimes literally! Unpaid rent, evictions, legal changes or disputes, angry (and sometimes belligerent) residents, habitability issues, maintenance emergencies… need we go on? Managing a Gwinnett County rental involves a lot of moving parts. This requires a vast amount of time, resources, and expertise to be done properly. It’s a full-time job! And let’s be realistic for a minute: if it were so easy, property managers wouldn’t exist in the first place.
2) It’s My Home, I Can Do What I Want!
Wrong! When you choose to rent your home, you’re essentially opening it up to the public and agreeing to make it someone else’s home. Sure, you legally own it, but that doesn’t mean you can do whatever you want. Landlord-tenant laws exist for a reason: to keep landlords in check and to safeguard the rights of tenants. Add to that Federal Fair Housing laws, Warranty of Habitability Laws, and Quiet Enjoyment laws just to name a few, and you have yourself the No-You-Can’t-Do-Whatever-You-Want hat-trick.
3) All Property Managers Are The Same, So Choose The Cheapest!
Not quite! While all Gwinnett County property managers essentially fill the same niche (i.e. managing your rental property) not all provide the same level of service. Cheap often equates to minimal; minimal service, minimal protection, and minimal resources. Essentially, you get what you pay for. Your focus when choosing a property manager should be value, not just cost. Good property managers may not be cheap, but they’re not unaffordable either. Another important aspect to look for in a property manager is good communication. You want a PM who gives you updates about your home and is available for contact whenever you need it, not just when it is convenient for them.
4) Renters Will Destroy My Home!
Not exactly! Renters can be hard on a property, but their goal isn’t to do as much damage as possible. The right renter will often treat your home with as much respect as if they owned it themselves. However, damage does happen, even by “good” tenants. It’s just a part of renting your property multiple times to various tenants. A reliable property manager conducts a thorough tenant screening and background check to help mitigate this. It’s not 100% foolproof- things happen and you can’t screen for everything- but the extensive screening and background checks definitely deter the worst of the worst!
5) My Property Manager Is Out To Get Me!
Now that’s just silly! Property managers aren’t sitting in a dark corner rubbing their hands together and scheming different ways to rip you off. We’re here to provide a service and to offer guidance on how best to navigate the unique challenges that come with owning and renting your home. While that service does cost money, we’re a team and our goal is to tackle problems together. Sometimes the solution isn’t the one you wanted to hear, but remember myth number one!
A good property manager is worth their weight in gold, but their service won’t cost you your firstborn child. They know all the ins and outs of managing rental properties and aren’t as unaffordable as many myths have led homeowners to believe. In truth, they’re a valuable resource and well worth the cost in the long run!
Knowing all the laws and best practices for leasing rental properties can be a challenge. Why not entrust this important task to a Gwinnett property manager? At Real Property Management of Greater Gwinnett, we offer clear and anti-discrimination screening and leasing services that help our rental property owners find the best possible tenants for their properties. We are a company you can trust to take on the responsibility of your rental home!
If you are looking to purchase a rental property in the Gwinnett area and need some professional management assistance, contact us today and we will be glad to guide you through the process!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.