Each year the property management industry generates $58 billion in revenue. From looking after your seasonal rental to managing your resort property, property management companies have got you covered.
So You?ve Decided to Rent Your Property
Renting your property is a sound business investment. In America there are approximately 22 million landlords, with more than 109 million people renting from them. Almost half of all renters (43%) live in a single family home, and about a third of all the homes in the U.S. (35%) are rentals. And according to Census ACS data, in 2013 the vacancy rate of rental units in the U.S. was just 6.49%.
It?s Understandable That?s Something You’d Want in On
But being a landlord isn?t just owning a building and collecting checks, it means managing your property, dealing with tenants, dealing with plumbing problems, dealing with tenants? plumbing problems, at god knows what hours. That?s where property management companies step in. When interviewing real estate management companies, expect to hear industry standard price quotes ranging from 5% to 10% of what you collect in revenue from renting your property.
Resorts are Great, but What About Low Income Housing?
Property management companies work with every kind of housing conceivable, from high end resorts to more modest low income housing. That?s good news for landlords, because there?s money to be made here as well.
Housing Choice Vouchers are allowing over 2 million low income households to be able to afford modest but stable housing, and around 5 million low income households in the U.S. are able to rent modest housing at an affordable rate due to Federal rental assistance programs. You get tenants and the government helps with their rent, and property management takes care of the rest.
So what are you waiting for? Quit trying to handle everything yourself and get help managing your property today.