Real Estate

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What is real estate management?

Real estate management is a service utilized for managing various types of rental properties, whether they are residential or commercial real estate. This service assists property owners in managing their daily operations and portfolios of properties. Real estate managers are responsible for overseeing rental operations, maintenance, and coordinating property transactions with real estate agents.

A professional property manager offers a comprehensive range of services, including tenant screening and rent collection. They are also responsible for managing maintenance requests and hiring appropriate service providers to address any issues that arise. Additionally, a property management company can handle evictions and manage all relevant paperwork, including government program applications. Essentially, real estate property management is a one-stop shop for all landlord needs.

When should you hire a management company?

An investor who is actively engaged in their real estate business and manages multiple rental properties may find interacting with tenants enjoyable and fulfilling. In such cases, they may not find the services of a real estate management company appealing, even if they can afford the fees.

Conversely, an owner who is still employed in another profession may not have sufficient time to manage their rental properties, even if they have a strong interest in doing so. Additionally, a real estate professional may prefer to delegate the ongoing responsibilities to someone else and view their property solely as a passive investment.

A few more situations may indicate that utilizing property management services would be beneficial:

1. You have too many properties to properly handle yourself.

2. You don't want to hire employees for your real estate business.

3. The investment property is not close enough for you to physically visit it.

4. You can easily afford the fees without drastically affecting your cash flow.

5. Your rental property is part of a government-subsidized program, like Section 8.

What to expect

The cost of real estate management may vary depending on the location and the number of units being managed. Typically, property managers charge between 5% to 10% of the rent collected from your properties. The more units you have, the lower the percentage may be. However, regardless of the number of units, this fee can impact your profits significantly.

It's important to find a reputable real estate management company. If you have decided to hire a property management firm, ensure that they are qualified and experienced. Seek recommendations from your investment network, research online reviews, and ask your broker or real estate agent for referrals. You should also interview multiple companies to determine which one is the best fit for your business model and ask any questions you have before making a final decision.

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