Property Management: the Key to Success
You’ve found the perfect property and purchased the real estate. Now it’s time to hire the right property management company. An excellent property management company is key to turning your real estate investment into a steady, lucrative income.
Property Management in Today’s Real Estate Market
Currently, the National Multifamily Housing Council (NMHC) estimates the total value of multifamily rental properties in the US at roughly $3.7 trillion. Additionally, if you’ve invested in single-family homes, there’s more good news: the value of the 15 million single-family homes in the US is another $3 trillion. And if you’re a commercial real estate investor, S&P values US commercial properties at $5 trillion.
It’s a great time to be a real estate investor, but with ownership comes a great deal of responsibility. You can’t just hang a FOR RENT sign out front, sit back, and wait for potential tenants to come knocking. A great deal of work goes into being a successful property manager.
What is Property Management?
The list of responsibilities that fall under property management is endless. But the key tasks a good property manager oversees are advertising and marketing; administering and enforcing lease agreements; handling repairs and maintenance; collecting monthly rent payments; keeping excellent and up-to-date financial statements and reports; initiating and completing evictions when necessary; and maintaining tenant relations and tenant satisfaction.
Property management is a full-time job. It requires problem-solving, creativity, excellent communication, and an overall acumen for real estate marketing and current industry trends.
Can You Act as the Property Manager for your Property?
Of course you can. But do you want to? If you currently have a full-time job or own multiple properties, filling the role of a property manager can be a daunting task. You need to be available 24/7 for your tenants should there be an issue or emergency. You need to stay on top of all maintenance and repairs. You need to do the legwork of advertising and marketing your property—including finding the right tenants. You need to have an excellent understanding of the laws in your state to avoid potential lawsuits. Most importantly, you need to balance keeping your tenants happy with running a successful rental business.
But if you want the time and energy to enjoy your rental income, hire a property management company.
Excellent Property Management in Today’s Digital World
We live in the age of technology. There’s an app for everything. Property management is no exception. A good property management company is well-versed in all of today’s latest property-management software. From digital rent collection, to maintenance and repair records, to tenant portals, you need a property manager that understands the current digital landscape.
Furthermore, a property manager that understands the current digital trends is more poised to successfully market your property in a competitive online environment. After all, you don’t just want tenants, you want high-quality tenants.
And you want a property management company that will work for you. Remember, an excellent property management company is one that strives to satisfy both you and your tenants. Artemis Management Company is that property manager. No matter your real estate investment goals, Artemis will find a personalized solution that works for you.