The field of property management has changed extensively in the last couple of decades. Back in the late nineties when people said they had an investment property, it usually meant they had a condo in the city that they rented out. Or perhaps a second home in the mountains that slowly built equity over years of being used for summer vacations. In either case, they managed them on their own. Nowadays real estate investment means that someone has a portfolio that includes several complexes and hundreds of tenants – and it most definitely requires professional oversight.
Managerial Components
Although the number of properties people own may have changed, property managers are still responsible for the same components. They generally work on behalf of an owner to ensure properties are well maintained, bills are paid, laws are adhered to, resident’s needs are met, and rental income is being collected.
Software
In addition to professional employees, facility management now usually entails specialized software. Yardi is a property management software that is used around the world to help individuals and businesses properly oversee their investments. Yardi professionals know what’s required for different types of facilities. They utilize software to help manage applications, online payments, tenant communications, taxes, leases, income reports, maintenance scheduling, expenditure tracking, website creation and more.
Types of Structures
Property management entails overseeing many different types of real estate. It may include single family homes, apartment or condominium complexes, commercial buildings, shopping centers or accessory dwelling units. One of the biggest waves of housing in the last few years is tiny homes. Thousands of individuals across the country are purchasing these small buildings to earn extra rental income.
Whether it’s a part time hobby or a full time career, taking care of any kind of real estate requires time, paying attention to small details, meeting deadlines and keeping apprised of legislative changes. If you’re new to the field, make sure you know what you’re getting yourself into.