The real estate industry is preparing for a new job opportunity as it continues to thrive in a pandemic. Property stakeholders are currently developing real estate management as a profession. This opens a lucrative career path, as rental demand is expected to increase after the pandemic. The increase is brought about by low rental rates and flexible, remote work arrangements as many companies adopt.
The changing operations of businesses, work-styles, and even individuals’ lifestyles have created opportunities for people to become specialists in rental management. Rental management includes residential, office, retail, and warehouse properties.
Anthony Gerard Leuterio, the founder of Filipino Homes, believes that being a rent manager is a new field to try, especially for those who want to earn extra income. At present, rental homes have 1,500 rent managers across the country. Next year, they are looking forward to having 1.3 million units available for rent. This goal requires around 30,000 rent managers.
Filipino Homes designed a training course for rent management if you are interested in this career opportunity. This course delves into property management and other bureaucracies in running a rental property. The main objective of this course is to teach mentees how to oversee properties and make sure that it generates income for the long term. How to spot scams and illegal operations are also covered in this lesson.
However, if you are still not yet ready to invest in this course, fret not! We have compiled some tips to get your rent management career started.
Here are five tips on how to manage a real estate property:
Get to know the property.
When you are tasked to manage real estate, you should first get to know the property and all of the systems that make it up. Each part of the property has a set servicing frequency and lifespan. Ensure that when someone rents it out, the whole space is working. There may be some maintenance along the way but make sure that they are repairable at the end of the day.
Create a financial plan.
You also need to understand how much money the p[roperty will likely bring in. These three important elements determine your estimated earnings:
- Location of the property
- Level of luxury
- The lot size and amenities
Professional rental management uses data analytics to accurately assess the revenue of a certain property. If you don’t have access to this, you can simply research the rates of similar real estate that you manage. A word of caution: advertising rates are not always the same as your estimated income.
Work hand-in-hand with a professional real estate agent.
Every realtor’s knowledge of the rental industry is not the same. Some have intimate knowledge of the industry. Others have little or no knowledge of it. While all may offer property management advice regardless of their area of specialty, it’s essential to deal with agents who understand the business, especially in the early phases of locating, buying, and managing rental houses.
As a property manager, you are also responsible for writing, signing, and posting leases on behalf of the owners. Make sure you have an idea of creating real estate ads that stand out.
Be realistic on the pricing.
One of the most common mistakes that homeowners and even property managers make when it comes to rental properties is setting the price too high. Remember that your approach should always be practical, especially in these trying times. Check out the rates others are charging and stick to it. Don’t overcharge. Finding that sweet spot can be difficult, but it’s important so you can get high occupancy rates. Pricing is one of the property management techniques that might make or break your financial growth.
Don’t skip the preventive maintenance.
Create a preventative maintenance schedule for your properties and stick to it. Preventive maintenance is a fundamental aspect of property management. For example, you don’t want to have a clogged toilet or a termite-infested cupboard, especially during the busy rental period. Almost all household problems can be prevented with good home maintenance. Not to mention, you can avoid also avoid having to pay much for repairs or refund a part of your renter’s payment.
You may also opt to build rapport with contractors and repair companies to monitor the quality of maintenance that you get.