Should You Become a Full Time Property Manager?
The job title property manager is a fast growing one with an average salary approaching $60,000 per annum. The outlook is for more growth in portfolios and job opportunities in 2018.
The rental property market in many countries is bolstered by a lack of available housing for purchase, rising mortgage rates, and mortgage qualifying requirements. And condo and apartment prices have risen as a result.
That of course means many Americans, Canadians, Australians and UK residents 20 to 40 years of age must rent a house, condo or apartment.
The US rental property market appears promising with high demand and lots of new construction in 2018/2019. If your goal is to increase properties to grow your investment revenue for you as a property manager or for other property investors, the outlook is postiive.
You, at the Crossroads
You might be looking at taking on other investor’s properties and making residential property management your career. It’s a great goal to go from 4 properties to 40. Just as with any business startup, you would do well to use a roadmap, balance sheet, and a strategy to acquire the right properties and clients.
Why is this the Right Time?
- rental property market is hot
- housing markets still have room to grow
- the US economy is growing
- multitenant dwelling construction is on the rise
- interest rates are still low
- interstate migration is high moving mostly to Texas, California, Florida
- new property management software helps managers handle more properties
With rental market growth continuing, property managers are adopting work automation to get more done efficiently. Adopting rental property software is the only way you can simplify property management, tame your workload and increase your property ROI. Old school paper and spreadsheets won’t work.
See our Step by Step Guide to Starting Your Property Management Business
Choosing the Right Property Management Solution
You’ll also need to find a good starter residential property management software. There are hundreds of software solutions serving this booming sector. Some are sluggish, demanding, heavy weight software products with complicated widgets, plugins, and knowledge requirements.
Large property management companies who have a large, trained support staff with huge overhead use those types of rental property solutions.
Such property management companies are typically stressed by the real life tenant and property demands and typically use old school management processes.
The result is a heavy workload involving face to face meetings/interactions with tenants, owners and contractors as well as contractor work orders. It’s advisable to adopt a modern approach to property management.
“I feel more organized than ever. With ManageCasa I’m able to oversee the 8 multi-unit buildings from a single dashboard. Tasks that used to take forever are now a breeze.” — Mike Green, ManageCasa customer.
Instead, letting the software automation take a prominent functional role while you provide solid human care, is a better way.
The key to good software is simplicity. Easy to learn and use applications will be enjoyed by you, your tenants, contractors and owner/investors.
Don’t underestimate how much your customer relations will improve with online property management software. And with all the friction and rework avoided, they’ll be relieved.
With work minimized on an individual property or tenant basis, you can add many new properties. If it cuts your workload by 75%, you can then triple your current number of properties. A tripling of properties revenue also means your cost per account drops.
Of course, there’s some catches. You may have to reside in the country and state you are managing, and you may need licensing, an office, and work experience. If you don’t have that, you may need to hire or partner with someone in that state (or country) who does.
People are Still the Focus in Property Management
Great property management is about people, emotion, satisfaction, comfort, and other simple benefits tenants demand.
People don’t necessarily want to buy homes. What they’re really after is comfort, security, and a feeling they’re living a good life. Renting is a suitable choice. And happy tenants are a breeze to communicate with and manage. These tenants pay on time, and don’t wreck the place.
And that’s what property owners want.
In the end, your portfolio success depends not slolely on computers and widgets to learn, but rather on good communications and delivering the emotional value tenants actually want.
Go ahead and grow that portfolio because with an automated system of delivering satisfaction to tenants, investors and homeowners will want to hire you.
Take a FREE test drive of ManageCasa and review it for yourself. It could be the tool that allws you to go full time.
See also: Rental Property Software | Renters Insurance | 2018 Rental Housing Market | How to Reduce Tenant Turnover | Should I Buy or Rent in 2018? | Growing Rental Investment Property Revenue | Rental Property Cash Flow | Property Management Scams | Tax Tips for Rental Property Managers | Rental Property Portfolio Tips | Starting a Property Management Business | Property Management Tenant Screening | Should I Use Property Software | ManageCasa Rental Property Software Solution