The glut of homes, apartments and condominiums?nearly 14 million empty and 9 million currently for sale1-- on the market from the recent housing boom and subsequent economic downturn have left both property owners and those searching in the housing market turning more towards renting rather than buying. This, coupled with vacancies in the commercial market make owning any rental real estate a valuable asset.
If you own a home or rental unit, rental property management might be a smart way to manage today"s tricky market. Rental property management allows a property owner the benefits of retaining the equity of the property while avoiding the time-consuming and often laborious duties involved with keeping an investment property performing well.
Hiring a manager for the rental property means being guaranteed the daily tasks of maintaining the property are in the hands of a professional. For example, a professional property manager will handle communicating and interacting with current and prospective tenants and contractors hired for maintenance. In addition, a rental property manager will also handle the financial responsibilities of the property including collecting rent and fees, accounting, budgeting and invoices; he or she will also keep records of all administrative and financial information, and keep taxes, mortgages, and insurance up to date. Moreover, marketing, showing vacant spaces, and leasing all fall under a manager"s responsibilities as well as maintaining the building"s operations.
In short, rental property management is an easy solution for property owners who have not the time or experience to successfully run an investment property, be it a single family home or a multi-building office complex.