Why do you need a Property Manager?
Have you ever invested in mutual funds/stocks?
If yes, you would have already known that there are fund managers/portfolio managers who optimize your Return on Investment (ROI) and they charge certain fees to make sure your wealth is protected and potentially grows over the years. Fund managers are able to do this because they monitor different stocks of different industries and fairly build good intelligence around to move the funds at right time in the right proportion. So fund managers and their algorithms are doing the job for you while you are sleeping.
When you invest in real estate, who manages your investments? Who optimizes your ROI? Don’t you think managing your real estate investment in good condition contributes to an increase in your real estate asset value? How much is the leakage in ROI of your real estate investment when
- tenants leave and you don’t find a good tenant on time?
- minor repairs & maintenance get worse due to lack of early intervention?
- Rents are not revised and charged to the tenant based on the local market conditions (demand & supply)?
- You don’t keep a record of detailed property accounts (expenses) for tax concessions on investments?
- Issues with tenants such as not paying rent on time, do not agree to raise rents during rental agreement cycle or breaks rental lease which would result into legal costs
In addition to the few examples stated above, the list of issues that would put a dent on your real estate investment ROI are numerous.
Managing your real estate investment requires equal attention, knowledge, timely actions, intelligence, and skills to help you grow your portfolio value.
Property Managers with appropriate knowledge and experience can make life easy for investors by managing the end-to-end aspects of rental properties. They are responsible for delivering a great rental experience to tenants as well.
According to the reports published by MarketsandMarkets, the global property management market is about to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period.
Emerging market like India is going to witness double-digit growth for the next few years. The evolution and growth of the property management market will be triggered by the implementation of the Model Tenancy Act .
Just like your fund management services protect and grow your investment, property management services will protect and grow your real estate investment.