As a single-family Irving rental property owner, you are also an investor. No matter if you are just getting started or already have an impressive rental property investment portfolio, it’s important to be familiar with the difference between property management and real estate asset management. While new investors generally confuse the two, the truth is that property managers and asset managers play two very different roles in rental property investing. To generate and maximize a well-balanced investment portfolio, you need a property management partner that can do both. We will discuss how Irving real estate asset management can assist you with expanding your single-family rental property portfolio.
Why You Need Asset Management
If you’re similar to the majority of single-family rental property owners, you got into this business to gain profit. And while there’s nothing wrong with that, it’s essential to keep in mind that your rental properties are also assets. In the future, these assets will appreciate in value and can deliver a considerable return on investment. But for your assets to reach their full potential, you need to actively manage them.
Real estate asset management signifies protecting and increasing your assets. It is necessary to ensure that your properties are not only well-preserved and making income today, but also about ensuring they will continue to for years. That is the reason a good asset manager will always aim to improve your properties and increase their value.
How Asset Management Differs from Property Management
Since you’ve realized more about asset management, let’s compare it to property management. While both disciplines are critical, they do have some key differences.
Property managers are obligated to the day-to-day operations of your rental properties. This contains marketing and leasing, rent collection, maintenance and repair, and evictions. Briefly, property managers guarantee that your renters are happy and your properties are in good operating order.
On the other hand, asset managers focus on your assets’ long-term growth. This means identifying opportunities to improve your properties and increasing their value. Asset managers also work with you to create a strategic plan for your rental property portfolio. This plan will outline your goals and objectives and the steps you need to take to reach them.
While property management is vital, asset management will help you maximize the return on your investment. Rental property investors who interact with a property management company that also deals with real estate asset management services experience higher profits and quicker portfolio growth.
Real Property Management Engage is the finest option for investors looking for high-quality property and investment portfolio management services. We provide various services to help you optimize your recent properties and grow your rental property portfolio. Contact us online today to learn more.
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