SAN JOSE, Calif. – First Statewide Realty property managers have released a list of common myths owners often believe about self-managing their rental properties. The list of myths, compiled from years of experience in the San Jose area property management business, can help save potential amateur investors the cost and frustration of trying to manage investment properties without the proper experience.
According to Jerry Garrity, owner of First Statewide Realty, the top 3 myths about self-managing investment properties are:
Myth #1: Self-managing investment properties saves money. In fact, numerous studies have shown that professionally managed properties return higher and more consistent cash flow.
Myth #2: Managing investment properties is an evening and weekends only job. In fact, managing rental properties is a full time job, and renters frequently require the attention of a property manager around the clock.
Myth #3: The private homeowner can find tenants just as easily as a property management firm. To the contrary, property managers often have waiting lists of renters and know how to screen for the best ones. This is key to keeping the rental occupied as much as possible.
Natalie McNany, a San Jose Property Manager with First Statewide Realty, says “While managing your own investment property may seem free, it’s certainly not hassle-free. The fact is, not having a professional do it almost always ends up costing owners and investors a lot more money in the long term.”
Property Manager Greg Garrity agrees. He says that most homeowners do not have the time to manage their own investment properties well.
“Between work, family and other responsibilities, the self-managed approach to property management usually ends badly with lost income and frustrated owners and renters alike.”
He says that professionals who work full time managing properties and developing positive relationships with renters are much more effective at retaining good tenants and keeping costs down.
Gayle Sabin, another of First Statewide Realty’s full time Property Managers, agrees.
“Because this is a full-time job for me, I am able to spend the time to build relationships with our clients and tenants. I know the properties, clients’ styles and tenants’ idiosyncrasies. I can anticipate problems and how to resolve them quickly and efficiently.”
As a result, Sabin says she’s been able to dramatically improve the bottom line for her clients’ real estate portfolios.
“Cash flow is king in this business. While homeowners can always self-manage their properties in an attempt to save money, the data show that more often than not, self-management hurts cash flow.”
Jerry Garrity says that his firm offers a free cash flow analysis to prospective clients to find out what their investment can return when managed by professionals.
“We encourage owners who have tried to go it alone to give us a call. We’re a friendly group of professionals and love to help our clients make money.”
About First Statewide Realty
Jerry Garrity’s First Statewide Realty is a seasoned expert in property management whose expertise has been featured in the Wall Street Journal and other publications. His Silicon Valley property management company specializes in managing single family homes, condominiums, townhouses and other investment property. Services are provided for all of Silicon Valley, including San Jose, Sunnyvale, Santa Clara, Campbell, Mountain View, Los Altos, Cupertino, Saratoga rentals, and Los Gatos.
The firm has been in business for over 21 years, and is a member of the Santa Clara County Association of Realtors, Silicon Valley Association of Realtors, National Association of Realtors, California Association of Realtors, Tri-County Apartment Association and National Association of Residential Property Managers.
First Statewide Realty
20045 Stevens Creek Blvd.
Cupertino, CA 95014