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Although there are so many misconceptions about community management, i think the most popular is:
"Community management is only about starting conversations about you product or service. Pushing your message."
and
"Community management is something we can get a part-time, non-essential employee to do and only spend very little time on (preferably in his or her spare time or on breaks)."
The most popular misconception about online community management is thati brands think it can stand alone on its own. Even if you make the assumption that you will not use SEO and PPC with it, for community management to be effective and raise your conversion rate from leads to customers it must be accompanies by traditional marketing practices. One of my favorite accompanies activity is organizing Meetup groups to host focus groups and test sample product usage.
I would agree to the below described misconceptions.
http://www.socialmediatoday.com/content/8-misconceptions-about-community-management
