Who do you turn to when you need assistance managing your property and assets? It can be stressful finding the right option that fits your budget — not only do you have rent or loans to pay off, you’re wrapped up in a full-time job, schooling or taking care of your children simultaneously. Finding a company to assist in administering your investment property is helpful, though, to better look after your home, handle your finances and protect your belongings when you’re away or on vacation. Look below to learn more about this service and how it can potentially benefit you when you need it most.
Renters And Homeowners
No matter your budget or living situation, real estate management helps millions of Americans around the country with their housing needs. The property management industry generates over $50 billion in revenue every year, handling monitoring, financial oversight and accounting of various estates and vacation properties. An estimated 35% of Americans rent their home, with over 100 million renters and 22 million landlords in the United States alone.
What Does Property Management Do?
While there are multiple tasks that property management can handle at any given time, you should expect the following when putting up your property for perusal. Firstly, they will compile your financial and criminal history for easier renting and future referral to related businesses. Secondly, a property manager will manage complex taxes you may not be familiar with, such as potential legal services involving your estate. Last, but not least, they will oversee and taking care of managing your property in light of any form of absence.
Renting Your Property
Handing over some, or all, financial control to a property management company is as simple as giving them a call and explaining your current situation and needs for the future. When interviewing prospective managers, you should expect to hear quotes ranging between 5% and 10% of the total you collect in rent revenue. If you have a lower income than average, worry not — an estimated two million low-income households use specialized commercial real estate investment to afford stable housing. Give your local real estate services a call and ask how they can go about freeing up your schedule and giving you peace of mind today.