The year 2012 saw approximately 297,000 Americans who worked as property, real estate, or community association managers. Two years later in 2014 the revenue for property management in the United States ranged at around $69 million combined. Although many Americans have found the property management industry to be profitable, it is likely that they have also learned how stressful it can be, especially when you have a large number of tenants.
Since people are renting their property from a landlord, they expect that their rent money be applied to maintenance and property repair. In this model, the renters are giving the landlord money with the expectation that the money can cover future replacement costs. As a landlord, it then falls on you to make sure you’re able to cover costs and address tenant concerns. Carbon monoxide detectors need to be checked every five years, and smoke alarms need to be checked after 10 years. Even something as basic and routine as this can cost a landlord hundreds of dollar to replace; although in many cases it is not uncommon for landlords to overlook or forget about such minimal replacements.
Hiring a Property Management Company
Although most properties and their tenants can be extremely easy to maintain, experts suggest that landlords prepare to deal with three to five minor issues per year. These could range from toilet replacement to electrical work or other fairly expensive repairs. Landlords involved in commercial property development projects could especially benefit from commercial property management companies, as these companies are designed to take the stress and budgeting out of properties. The property market is expected to only grow as industrial rents will experience a 3.1% increase in 2015. Finding a residential or commercial property management company could be the first step to enjoying what you do.