The first misconception about property management is that it is expensive to hire a property management firm. The time and effort put into property management saves the property owner a ton of time he could be using to do other revenue generating activities. It is better to leave the management of a property with a team that has expertise to ensure a property is functioning at its best capacity - to attract the desired rentals. This allows an owner to enjoy great and consistent revenues from his investment.
The second misconception is that once a property management team takes up management of a property, the property will be rented out immediately and remain at full occupancy. This is far from the truth due to the fact that property sales and rentals, largely depend on the market forces. The more saturated the market like in the case of Ghana’s property market, the more the competition and the more likely it is that properties could remain unoccupied for quite some time. In such situations, the property management firm may propose some strategies to increased occupancy.
The third misconception is that property managers will only want to work with their own service providers. Property management is a collaboration between an owner of a property and the manager of the property. Should a property owner want to engage specific service providers to do a job on his building, the property manager should be more than willing to work with that service provider to get the best results for the property owner.
A fourth and very important misconception, is that once a property management team takes over the management of a property, all the issues the property might have will be resolved. This is not always the case. In the event that a property might have certain defects based on how its construction, these defects or structural issues can only be managed rather than resolved. In some extreme cases the building might be better off demolished and rebuilt to solve the structural defects.
Property management therefore, requires collaboration between the manager and the owner - to achieve the best outcomes for the property and its owner.