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A Complete Guide to Real Estate Management

14/6/2022

33 Comments

 
Many people find real estate management a difficult task. It has many moving parts, such as maintenance, tenant management, taxes, and security, to name a few. As a result, many people seek the service of agencies and individuals to manage their properties. Non-Resident Indians, for example, account for a sizable proportion of real estate management inquiries. It is because people can't look after their property while travelling abroad. It is one of the primary reasons why most people prefer professional real estate management services. 
However, this does not guarantee success. On the contrary, if you don't follow the basic rules of real estate management, the project could end up as a colossal failure. After all, only top-performing agents can maintain long-term success and outperform their closest niche competitors.
Here, we will provide you with a quick guide to real estate management that will help you meet your goals. Let's look at seven key areas of real estate management.
real estate management

Make sure your property is well polished.

In brief, real estate management, also known as property management, is the routine inspection and management of various properties. The first rule of real estate management is don't sell properties before they are in excellent condition. Your job is to make the most of the property by repairing it and dealing with the most urgent issues.

Decide the price

This part of real estate management can be tricky for many beginner-level real estate managers because they do not know how to evaluate their properties. If you are one of these agents, here are some things to consider:
  • The overall quality of your property
  • The average price in that given area (for example, prices in Mumbai are much higher than in Pune)
  • The target territory's average income
  • The average size of a local family
  • Any benefits your property may provide (nearby transportation lines, quiet neighbourhood, etc.)
Considering these factors, you can calculate the price more accurately and realistically.

Market your property

Marketing is undoubtedly one of the most challenging aspects of real estate management because you must identify the best communication channels and promote the property with the relevant information.
We strongly advise creating a visually appealing website with all the properties available to you. Each item demands a thorough explanation, but a video description would be perfect. 
At PropertyAngel, we feature all the properties with relevant information required for a tenant to select a property. Our vacancies are all listed on https://propertyangel.rent. You may also connect with us through social networks.
However, keep in mind to limit yourself to only relevant platforms. Aside from that, display advertising through Google AdSense, Facebook Ads, LinkedIn advertising, and so on if your budget permits.

Maintain your property

We believe you've found the tenants with all of your efforts thus far. However, this is not the end of the story because real estate management still needs you to handle many things, such as property maintenance.
First and foremost, you should visit the location regularly to identify potential problems with the property and prevent further damage. Second, regular visits will help you develop a stronger relationship with a tenant. However, try not to push it too hard and communicate with attention and delicacy.

Collect Payments

Real estate management is all about collecting payments. But, it can be a painful and awkward experience when dealing with irresponsible tenants. In general, you can collect instalments or rent in two ways:
Traditionalists in real estate still rely on checks received by mail.
Whereas most agencies today use real estate management software. It's a straightforward rent collection tool that automates the process, generates invoices, and even notifies tenants of late payments.
​
PropertyAngel is a leading O2O second landlord platform. We are a Bangalore-based proptech firm offering professional real estate management for individual apartments, villas, and houses. Our larger mission is to innovate, simplify, and secure real estate investments. Since November 2014, we have managed over 1.5 million square feet, have a customer presence in 95 countries, and have a 100% on-time rent distribution record.

Be cautious of contract violations.

A contract breach is not something you want to happen all the time, but it does happen in every business. Learn everything you can if you wish to properly care for it, including local real estate and lease regulations. You must follow a very defined procedure when the reason for eviction is sufficient:
  • Hire a lawyer to carry out the entire procedure
  • Maintain official communication with the tenant.
  • Send your eviction petition to the local court.
  • Until the case is resolved by the court in charge, refrain from communicating with the tenant
  • Act following the court's decision.

Take note of the accounting.

The final point of real estate management is vital because you don't want to end up dazed and confused. The best solution is to hire an accountant to manage your finances, but you can also use an accounting platform. In each case, keeping an eye on expenses and turning the property profitable and fully operational will be much easier.

The Bottom Line

We showed you a quick seven-step guide to real estate management.
The global property management market expects to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023, according to MarketsandMarkets. With the expansion of infrastructure and increased visibility for all players, you must maintain customer content while looking for ways to improve.
Do you already follow some of these guidelines? Do you have any additional ideas or thoughts to share with our readers? Let us know in the comments – we'd love to hear about your real estate management experiences!
33 Comments
balaji
22/6/2022 05:10:35 am

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9/8/2022 06:44:58 am

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24/8/2022 05:41:23 am


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22/9/2022 12:58:35 am

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10/10/2022 11:43:05 am

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20/10/2022 05:12:17 pm

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Muskan link
11/12/2022 09:02:52 pm

Thank You for this useful information, it really cleared almost all of my doubts, especially about how to market the property. The information provided by you is really helpful for others also who are looking for property realte details, continue doing like this

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11/1/2023 02:46:57 am

This a great insightful guide for especially real estate managers. from this guide, I have understood that collecting payments is very easy.

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8/3/2023 12:42:36 pm

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20/8/2023 12:11:30 am


This article is a fantastic resource for anyone looking to navigate the complex world of real estate management. The way it breaks down the process into seven key areas provides a clear roadmap for success. It's refreshing to see the acknowledgment of the challenges involved in property management and the practical solutions provided.

The introduction hits the nail on the head – real estate management is undoubtedly a multifaceted task, especially with factors like maintenance, tenant relations, and legal considerations. The insight into why Non-Resident Indians often seek professional management due to their absence abroad adds a personal touch that makes the article relatable.

The emphasis on preparation and maintenance is crucial. The notion that a property should be in tip-top condition before selling is a valuable reminder of the value of first impressions. Determining the right price is a topic that often bewilders newcomers, and the article offers solid advice on considering multiple factors to ensure a fair and competitive price point.

The marketing section's inclusion of creating an appealing website and using visual aids like videos is a brilliant suggestion in today's digital age. The mention of PropertyAngel and its user-friendly features showcases a modern approach to property management. The attention to detail in addressing property maintenance, regular visits, and tenant relationships demonstrates a deep understanding of the holistic responsibilities involved.

Collecting payments can indeed be a challenging aspect, and the dual approach of traditional methods and modern software solutions gives readers practical options to choose from. The introduction of PropertyAngel and its impressive track record adds credibility to the article's advice.

The cautionary note about contract violations and the legal process for eviction is a responsible inclusion, highlighting the importance of knowing local regulations. The article's approach to accounting ties everything together, emphasizing the significance of staying on top of finances.

In conclusion, this article offers an insightful, informative, and actionable guide to real estate management. Its combination of practical advice, real-world examples, and the mention of market growth provides a comprehensive overview that readers can truly benefit from. The open invitation for readers to share their own experiences adds a sense of community engagement that makes the article even more engaging. Kudos to the writer for delivering such a valuable resource!

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11/11/2024 07:58:52 am

This guide provides a comprehensive overview of real estate management, touching on essential aspects such as property maintenance, tenant relations, and financial management. It emphasizes the importance of effective communication and proactive maintenance for long-term success. The advice on staying informed about market trends and legal requirements is also invaluable. This is a great resource for anyone looking to manage properties efficiently.

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12/11/2024 08:18:59 am

This guide to real estate management provides a comprehensive overview of key strategies for effectively managing properties, from tenant relations to maintenance. It highlights the importance of proper documentation, understanding legal frameworks, and implementing strong financial management practices. The tips and insights shared are valuable for both novice and experienced property managers.

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Korey Webb link
13/11/2024 07:15:51 am

Thank you for providing such an in-depth guide to real estate management! Your post covers crucial aspects, from property maintenance to tenant relations and financial tracking, which are essential for effective management. It's particularly helpful how you break down tasks and responsibilities, making it clear for property owners and managers alike. This guide serves as a great roadmap for anyone looking to enhance their property management skills or streamline their processes. Well done!

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14/11/2024 07:45:28 am

Great guide on real estate management! The tips on improving property value and maintaining efficient management processes are essential for both property owners and managers. Effective tenant relations and staying on top of legal requirements were also great points. Real estate management can be challenging, but with the right approach, it can be incredibly rewarding.

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15/11/2024 06:57:38 am

Great post on real estate management! The step-by-step guide you’ve provided is helpful for anyone looking to understand the fundamentals of property management, from tenant screening to maintenance. The inclusion of legal compliance and financial management aspects is especially valuable for both new and experienced investors. I appreciate the clarity with which you've outlined each key component. This kind of comprehensive approach is essential for ensuring long-term success in property management.

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20/11/2024 07:51:17 am

Fantastic guide! You’ve broken down the complexities of real estate management in a way that’s both comprehensive and easy to understand. Managing multiple properties can be challenging, but with the right systems in place, it becomes much more manageable. I particularly like your focus on tenant communication and maintenance tracking. Great work!

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