Property management is a growing industry, especially in the United States. Many Americans have turned to industry professionals to get the most out of their properties.
The industry has been steadily increasing over the years. According to the latest report by IBIS Wolrd, the industry has an annual growth rate of 0.8 percent in the US, from 2014 until 2019. In terms of total revenue, it has recorded $76 billion in 2019 alone. In addition, the industry has generated a total of 844,307 jobs.
Property management involves both residential and non-residential real property assets. The growth could be attributed to the cost reduction in the part of the owners if they would outsource the management of their properties.
The Most Common Roles of Property Managers
- Promotion and Advertisement for Properties. As property managers, they have the responsibility of advertising the properties to get tenants. The Northern Virginia Property Management offices, for instance, will make it known to the public that specific real property assets are for rent or lease at a given rate.
- Management of Tenants. Property managers are responsible not just in finding tenants but handling their concerns, as well. In looking for potential tenants, they will screen them accordingly, making sure that they check their criminal background and credit history. In the meantime, they will also ensure that the tenants are comfortable in the spaces or properties they are renting or leasing. The property managers will hear out their comments and requests. Apart from these things, they are also in charge of evaluating lease contracts and managing evictions.
- Management of Rent. Property managers oversee the management of rent. It means that Northern Virginia Property Management professionals, for example, are responsible for setting and adjusting the rental rates. Likewise, they are in charge of collecting rent from the tenants.
- Enforcement of Policies. Landlords draft occupancy policies when making properties available for rent. As property managers, they must check if the tenants are abiding by the rules. If not, they will deal with the violators accordingly.
- Management of Budget and Records. Property managers are provided with a specific budget for the management of properties. They will use the budget in operating the properties while making sure that every expense is adequately recorded.
The roles of these managers are vital in keeping the properties profitable.
When the owners decide to hire property managers, they can expect to experience the following advantages:
- Getting more responsible tenants. With the screening process property managers are adopting, landlords have a higher chance of getting reliable and quality tenants. These are the ones who pay their rent on time and cause fewer problems for the owners.
- Optimizing rental rate and maximizing revenue. As professionals, property managers have all the necessary knowledge and skills on how to maximize the prices for renting or leasing properties. As a result, the owners can maximize their revenue.
- Convenience due to confidence. Having professional property managers brings forth comfort for the landlords. They can enjoy more time for themselves because they are confident that their properties are managed well.
For more questions on how an arrangement with property managers works, owners can keep in touch with a reliable property management office near them.