As a single-family Waxhaw rental property owner, you are also an investor. It does not make any difference if you are just starting out or if you already have a lineup of a rental property investment portfolio, it’s a must to have a little knowledge about the difference between property management and real estate asset management. Meanwhile, new investors may times confuse the two, the fact is that property managers and asset managers play two very different roles in rental property investing. To construct and maximize a versatile investment portfolio, you’d want a property management partner that can do both. Let’s look at how Waxhaw real estate asset management can help you expand your single-family rental property portfolio.
Why You Need Asset Management
If you’re like most single-family rental property owners, you got into this business to generate income. And while there’s nothing wrong with that, it’s important to remember that your rental properties are also assets. Over time, these assets will appreciate in value and can provide a significant return on investment. But for your assets to reach their full potential, you need to actively manage them.
Real estate asset management is all about protecting and growing your assets. It’s not just about ensuring your properties are well-maintained and generating income today, but also about ensuring they will continue to for years. That’s why a good asset manager will always look for ways to improve your properties and increase their value.
How Asset Management Differs from Property Management
Now that you know more about asset management, let’s compare it to property management. While both disciplines are crucial, they do have some key differences.
Property managers are the ones responsible with regards to the day-to-day operations of your rental properties. This includes marketing and leasing, rent collection, maintenance and repair, and evictions. In a nutshell, property managers make sure your renters are well and thriving, and your properties are running efficiently.
On the other hand, asset managers focus on your assets’ long-term growth. This requires identifying opportunities to improve your properties and increasing their value. Asset managers also work with you to set up 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 important, asset management will help you maximize the return on your investment. Rental property investors who partner with a property management company that also offers real estate asset management services realize higher profits and stronger portfolio growth.
At Real Property Management Experts, we are the best choice for investors looking for quality property and investment portfolio management services. We extend a range of services to help you optimize your existing properties and expand your rental property portfolio. Contact us online today to learn more.
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