Property management is a thriving industry with employment opportunities and growth expected to rise up to 15% by 2016.1 Many real estate investors and professionals pursue careers in this field, either as property managers or as agents who perform the buy-and-sell process for real estate and offer property management services as an additional service.
A successful business requires a strong brand identity and targeted marketing. A website, social media channels, and paid advertising are essential tools to help you cast a wide net and attract new clients. Local networking and referrals from satisfied clients or professional contacts can also provide a steady stream of leads.
Managing rental properties takes time, effort, and the right mix of skills to ensure maximum profitability. Having access to reliable contractors, repair professionals, and real estate attorneys can help you address issues promptly and efficiently and prevent costly mistakes. Similarly, maintaining consistent communication with tenants is important for keeping them happy and informed. Responding to emails and phone calls in a timely manner, providing accurate information, and responding to tenant concerns promptly can increase your tenant retention rates.
Filling vacancies is another major responsibility of property managers, which involves advertising properties, screening applicants, conducting background and credit checks, and verifying employment information to find the best tenants. They are also responsible for preparing lease renewal options, accepting notices of vacate, and conducting final inspections once residents move out. Property managers also handle the collection of rent, maintenance fees, and late charges, as well as overseeing cash flow for each property. property agents management