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5 myths about using a property manager

  1. It costs too much.
    • Using a property manager increases NET rental income because we charge "market rent" and leave nothing on the table.
    • Wasatch Front Property Management attracts better tenants and will qualify them using credit and background checks.
    • Management fees are tax deductible but a landlord's time when self-managing their own property is not.
    • Property managers are aggressive in rent collection; owners are more sympathetic to a tenant's monthly excuse.
    • Think about the cost of your time and what it takes to manage a "difficult" tenant and maintain the property.
  2. I'll lose control of my property
    • Most property managers will be able to anticipate the potential for many rental property problems.
    • Experienced property managers have handled many tenant issues before and can work with owners and tenants to resolve difficulties.
    • Wasatch Front Property Management provides copies of all bills each month related to your property and gets owner approval for large repairs and maintenance.
  3. I won't be able to use my own repair companies
    • Wasatch Front Property Management will use owner designated or repair personnel familiar with the rental property.
    • In many instances, when repair personnel utilized by the owner are unavailable, the property manager can utilize their own vendors and ultimately save the owner money.
    • In reality, service personnel would much rather work with a professional property manager familiar with their services than deal with individual owners.
  4. I think I can get better tenants
    • Visit a few tenant "gripe" sites on the web and you will read what tenants really think about non-professional property managers.
    • Rental property owners often manage by the "wish/hope" management theory - they wish their tenant would pay their rent and hope that they don't destroy the property.
    • Wasatch Front Property Management has the tools at hand to screen and qualify good tenants willing to pay market rent for the rental home.
    • " Rip-off " tenants who know how to get into a property and stay WITHOUT paying are everywhere. They prey on unknowing owners, not professional managers.
  5. Managing my own investment property is easy
    • Ownership of rental property is governed by many laws and regulations. Those include but are not limited to fair housing, lead-based paint and other onerous regulations that apply to rental property.
    • The state may also impose more fair housing regulations as well as landlord-tenant laws and regulations to govern the relationship.
    • Learning all these rules and applying them properly is very time consuming not knowing them can put you at great personal financial risk.
    • Ask yourself the following questions. How much time do you have to oversee repairs and maintenance? Would you know how to handle an eviction? Would you want to do it?