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.
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:
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.
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:
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!