Real estate management is the method of managing real estate. This could include residential and commercial structures, as well as land and natural resources. Real estate managers are responsible for leasing space, collecting rent, managing maintenance, and ensuring compliance with legal and regulatory requirements. They also monitor trends in the market and look for opportunities to buy and sell properties. They might also be required to keep a real estate broker’s license in some states.
Property management requires a thorough understanding of both marketing and finance. The aim is to keep high occupancy levels and to attract quality tenants while maximising income. This is a demanding and challenging job. To be successful, it is essential to be aware of the local market and maintain a an effective working relationship with other real estate professionals.
Additionally, there are numerous other issues that need to be managed, such as accounting taxes and plumbing issues, landlord insurance and even renovations. Many managers struggle to keep up with latest technologies.
Municipalities usually increase property taxes. This could have a major impact on an investment. It is vital to be aware of local laws and to hire an agency that can help fight these tax increases.