Real Estate Management

The Lowdown on Real Estate Management

Imagine managing an oceanfront property apartment building with 2000 units somewhere in Florida. Although reaching that point requires massive funding and a huge reputation, all real estate investors can start out at the bottom with a little work. Real estate management, also known as property management, is the business of acting as a middleman between landowners and their residents.

Real estate management companies have a myriad of responsibilities. They include accepting rent, dispatching maintenance workers to problematic homes, marketing vacancies, and performing background checks on all potential residents. In return for these services, real estate management companies charge landlords a portion of the rent along with lease commissions. This percentage usually falls into the 7 to 10% range. Large scale real estate management companies are also in charge of their own home owner associations where tenants pay a fee for the services of the community.

Real estate management companies control all aspects of accounting when it comes to renting. In addition, they are responsible for the construction and development of new components on their property. For example, the request of a tenant group may be to construct a new playground for the children population. The real estate management company would take care of that. Real estate management companies could also dive into the legal realm. They may be responsible for starting litigation procedures alongside tenants and insurance companies. A real estate management company could have a specialized attorney under their wing to manage these affairs. A background in real estate tax and litigation is a definite advantage. For this reason, real estate management company authorities should be forever acquainted with the ever-changing real estate laws in their areas.

Property management can also revolve around the landlord process. Landlords are the go-to-people for tenants living in rental homes. They are responsible for maintaining the upkeep of the property, fielding calls from tenants with problems, and maintaining the overall unity of the community. A landlord may even be the sole “boss” of one rental property, such as a small house. Although many landlords have expressed dissatisfaction over the nature of the job, they may employ real estate management companies to handle their situations for them. This is best reserve to apartment buildings with multiple units.

If immersing yourself even more into the real estate game sounds intriguing, consider a career in real estate management. It brings plenty of rewards and prestige for anyone looking for a sound occupation.

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