3 Property Management Facts That Might Surprise You

Property Management Facts

Whether it’s renting your old home or buying and selling small single-family apartments, property management is one of the most diverse areas in the real estate industry.

No wonder like so many individuals you have decided to invest your time and energy in this growing industry. This can be a very worthwhile investment for you but there are a few interesting property management facts that you should consider.

Here are some tips that will set you on the right path.

1. Property Management Facts about Industry Growth

Property Management is one of the fastest-growing sectors in the housing market. Especially when it comes to single-family rentals. These have outgrown both family-owned and multifamily housings over the past few years.

However, the entire property management sector has maintained an unprecedented expansion rate in the last few years. No other section of the real estate market has seen this kind of growth.

2. You Can Outsource the Work

Maybe you got into property management or are getting into property management because you want to earn semi-passive income.

However, you may be wondering if you’re getting any form of passive income since you’re doing or will be doing so much work. You’re responsible for daily overseeing, routine maintenance, repairs, and even property visits. Not to mention the administrative, legal and marketing aspects.

Well, what’s great is that with property management services now offering to do these tasks, you can outsource many of them. You can also purchase software to assist you. This means less work for you.

3. House Keeping Rules You May Have to Deal With

In some states, you may have a liability to protect your tenants and guests from secondhand smoking. This can be perceived as a breach of warranty for habitability, a nuisance or trespass depending on where the property is located.

One way to avoid this is to go smoke-free on your property or to state in the contract that smokers must use a designated area for smoking. Make sure the designated area is far away from the building. If other tenants can still smell smoke, you can be held liable.

You need to decide how you are going to handle pets on your property. Like smoking, you can either prohibit it or allow it under certain conditions. Otherwise, you may find yourself on the wrong end of a dog bite lawsuit.

Make sure a pet agreement is in your lease and that it clearly states that the animal is not vicious. You can also charge fees to tenants who have pets. This will help you to bring in extra cash.

Property Management and You

Whether it involves renting or leasing a home, there a few property management facts that you should know before entering the business. There is quite a bit of work to be done but once you streamline your property management duties there will be much less for you to do.

If you would like some help with real estate acquisition, please contact us.