With house prices and rented houses rising, real estate or property investment is looking very profitable. This may be your call to a new and exciting career path! If you’re very successful with property management, you can go from owning one house to a large business with multiple assets in a relatively short space of time.
If you’re considering real estate management, you probably already have loads of questions. Starting is probably one of the most complex parts of real estate management. With no experience, it isn’t easy to know the skills, budget, or qualifications you’ll need to start.
This guide will make the process a bit easier by explaining what real estate management is and what you’ll need to kick-start your business. Hopefully, with this information, you’ll have a booming business in no time!
When landlords own rental properties, many tasks are involved with maintaining the property and ensuring everything is running smoothly. This may be a lot of work for landlords, especially if they own multiple rental properties.
Instead, they may hire a real estate manager, and this is where you come in. As a real estate manager, you would run all the daily operations with the rental properties. This includes knowing all the tenants and handling any issues with the property raised by them.
The majority of the tasks will be general maintenance of the property and ensuring everything is in order. If you’re overseeing multiple properties, you’ll usually spend a lot of time visiting the properties and checking them.
Unfortunately, it also includes handling plenty of paperwork! This paperwork is necessary for various things, from tenant agreements to the paperwork associated with evictions.
If the landlord decides to sell a current property or buy a new one, real estate managers will be heavily involved. One of the duties is to coordinate proceedings with estate agents to buy or sell the property.
Real estate management is nearly always in demand. Large investors who have multiple investments aren’t happy with being bogged down with property investment operations.
Heavy demand means investors will always need your services. If you prove that you are a successful and capable property manager, you will have plenty of people waiting in line for your services!
If you’re good at what you do, there will be no uncertainty about finding clients.
It’s also a business that will leave you with an excellent salary or profit. Most real estate management will charge an upfront cost and also a monthly fee. This leaves you with quite a lot of money earned from your services.
If you’re working with top investors and more expensive houses, it is even more profitable as usually, you charge a commission on the rent payments on the house.
As a real estate manager, you’ll spend a lot of your time dealing with people. Most of your tasks will include talking with people from different areas of the property. Whether you’re talking to the landlord, tenant, or estate agent- you need to know how to communicate with them well.
With all the different people you have to contact, good written and verbal communication skills are vital. You may have to deal with stingy landlords or unsatisfied tenants, so you need to be able to talk to them in a way that will improve the situation.
Unlike other jobs, the workload you have each day is not always consistent. On some days, it may be hushed, and you won’t have a lot to do, but other days you can have several different issues that stack up and give you a lot of work to complete.
This means you have to be able to think on your feet and manage your time wisely. You will need to be very flexible and comfortable with the next week being unsure.
You’ll have lots of things that you will need to keep track of their progress. There will often be different repairs or work done to the house with different finishing times, so when working with multiple houses, it can be easy to forget or neglect an issue raised by a tenant.
If you’re a very organised person who’s a big fan of lists, then real estate management is an excellent profession for you.