As a Dallas property manager, it's easy for us to throw plenty of statistics your way as to why investing in Dallas is a smart move if you're looking to grow your portfolio—but what about small-scale landlords? Sure, you can probably see why having a property management partner when you have ten or more properties makes sense—but what about just a single property? Is it worth getting involved with a property manager in Dallas?
The reality is that pervasive "property management myths" have made trying to navigate today's rental real estate market as a solo landlord utterly confusing! At RentHub, we are proud supporters of fact over fiction: it's exactly why we offer hard data to back up our rental rate suggestions for your property with our free rental analysis. Just like you wouldn't pick your property's rent rate based on your gut, you shouldn't dodge property management based on mere hearsay!
Today we're going to bust down some of the most common property management myths—and point out how they are actually harming landlords who could seriously use the support that a Dallas property manager can provide! Don't get caught in a web of deceit and hype: if you want to learn the truth about property management, keep reading!
Fiction: 'Property Management Costs More Than It's Worth.'
This is probably one of the greatest—and most damaging—myths that we see circulating about property management. It's also selective to what your prospective property manager might charge and the quality of the services they provide. It's true: not every property management company in Dallas can provide the same level of service! However, there are some common themes across all property management companies that can debunk this one.
Most Dallas property managers only get paid when you do: they base their fees off of the rental income your property earns. What this means is that your property management partner is motivated to keep your rental home full! If your property manager also happens to offer any guarantees on their services, they're further driven to meet or exceed the services they promise you. This added value often outpaces the cost of the property management services they provide. At RentHub, for example, we offer both a 21-Day Leasing Guarantee and an On-Time Rent Guarantee to provide landlords with additional peace of mind.
When you work with an expert property management partner, you also typically see a higher return on investment because of their ability to tap into economies of scale, advanced listing tools, and in-depth market research to not only price your property appropriately (ensuring you see maximum income), but to keep your rental operating profitably. This hands-on management style means all you have to do as the landlord is sit back and collect passive income!
Fiction: 'I Can Manage the Maintenance!'
This one is downright dangerous for the landlord! Unless you're a master electrician, plumber, and happen to be an HVAC technician on the side, not only shouldn't you do your own maintenance—you might not be able to safely. Faulty wiring and burst pipes are no laughing matter. Landlords also often underestimate the frequency of tenant repair requests, and getting a notice in the middle of a crucial business meeting that you're needed to unclog a toilet can "flush" more than your mood.
We're not saying there aren't landlords out there with one or two of these certifications under their belt: we know at least one landlord who happens to be both a master electrician and plumber. However, they also have five kids—and enjoy getting to spend time with them regularly when they get home from their day job. Unless you want to be the one on-call at two in the morning after a freeze hit North Texas and your tenants forgot to leave the water on drip, this is one arena that is definitely best left to a Dallas property manager!
Not only will the best property managers have the technology in place to respond to maintenance requests in a flash, but they'll also work with the best contractors to secure you high-quality repairs at a better price. This is partly what we meant earlier when we mentioned economies of scale: property managers work with more properties, and that usually means they have access to better deals. These savings get passed along to you!
Fiction: 'I Can Find My Own Tenants Just Fine!'
This is one of those myths that's just as insidious as the mystique surrounding property maintenance. At RentHub, we are the unofficial "spokesfolks" on the importance of screening your tenants for a reason! If you place the wrong renter in your property, you risk more than just late rent: you risk thousands of dollars in damages and legal fees.
Not only is the pressure on when it comes to finding the right tenant, but you also have to do it in step with just about every rule and regulation out there: how well do you know how to maintain compliance with the FHA and FCRA when it comes to screening and selecting your future renter? If at least one of these threw you for a loop, you need professional screening services when it's time to place a tenant in your property.
Even if you don't run afoul of some powerful legislation and end up in a discrimination lawsuit, your properties are still at risk of hosting a "Professional Tenant." Housing a Professional Tenant is one of the more expensive missteps that landlords can make; whether it's unpaid rent lost to the void or concrete in your drains, the last thing you want to do is accidentally end up with a nightmare in your rental home. If a Professional Tenant can cost you anywhere from $2,500 to $60,000, then your Dallas property manager has more than earned their keep with their thorough screening services.
Fact: A Dallas Property Manager Is an Ally for Your Asset.
When it comes to your Dallas rental home, there's no reason to swim upstream when passive income is waiting for you downriver! Your property management partner has made it their business to help you not only maximize your income but your peace of mind.
This is exactly what RentHub Property Management offers our landlords! With our expert renter placement services, timely maintenance, and protective guarantees, we aim to delight the property owners and tenants we serve. There's no reason that owning a rental home has to be hard when you have the best in Dallas property management working for you!
That said, how do you know which property management partner is the right fit for your rental home? Now that we've debunked some of the myths concerning property management, finding the right property manager is probably your next step. Thankfully, we put together a FREE guide to finding the best property manager in Dallas for landlords like you! Download your copy to get started!