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You sell real estate, plain and simple. Not so long ago, real estate sales and brokering services alone were more than enough to see you through. Now, with dwindling home sales and foreclosures on the rise, real estate professionals find themselves looking for new, creative ways to market their businesses. Enter property management.
What do you think of when you see property management? A massive company overseeing master planned communities? A group of property management specialists watching over several apartment complexes?
The Varied Duties of a Property Manager
- Market available units
- Coordinate new leases
- Renew leases
- Collect rents
- Enforce rental and lease agreements
- Pay expenses and taxes
- Negotiate contracts for janitorial, security, groundskeeping, trash removal services, et cetera
- Monitor services of vendors
- Resolve complaints from residents and tenants
- Purchase supplies and equipment for the property
- Comply with provisions of legislation, such as the Americans with Disabilities Act and the Federal Fair Housing Amendment Act, as well as local fair housing laws
How about individual property management professionals personally hired to watch out for investor-owned foreclosed properties, purposefully rented out in this increasing market? What’s this, you ask?
The Federal Housing Finance Agency is seeking ways to shrink the glut of foreclosed properties coming available. One of the proposed ideas is to rent these properties out. First, investors would partner with Fannie Mae or Freddie Mac to invest in pools of converted rental homes. A national property-management business would be hired to play landlord for these properties. While the investors would be responsible for rehabilitation and maintenance of the properties, the property managers would share in the monthly rental income and their eventual sale.
So why would you pass up an opportunity to take advantage of this foreclosure market niche? Perhaps you feel you have no time to learn about property management and what it entails. If this is the case, online learning can be your ticket out of “I can’t” mode.
While there are many property management courses available, those that are held online are ideal for someone with a busy schedule. By working at your own pace, you can pick up the essential skills you need to add property management to your roster of services, without adding more to your busy day.
Opportunities that present themselves in this market should be carefully considered. Whether property management is a service you want to offer, or one that you need to, having the skills available can help you take advantage of the needs in this ever-shifting market.
Labels: About Real Estate Education, become a real estate salesperson, Florida Association of Realtors, Property management, property manager, real estate business