As a single-family Columbia rental property owner, you are also an investor. Regardless if you’re getting started or already have an exceptional rental property investment portfolio, you must be aware of the difference between property management and real estate asset management. Even though new investors often confuse the two, the reality is that property managers and asset managers play two very different roles in rental property investing. To establish and maximize a well-rounded investment portfolio, you need a property management partner that can do both. Let’s analyze how Columbia real estate asset management can assist you with improving your single-family rental property portfolio.
Why You Need Asset Management
If you’re like the majority of single-family rental property owners, you got into this business to create revenue. And while there’s nothing wrong with that, it’s vital to bear in mind that your rental properties are also assets. As time goes by, these assets will appreciate in value and can provide a huge return on investment. However, for your assets to reach their full potential, you need to actively manage them.
Real estate asset management is all about protecting and developing your assets. It’s not sufficient to guarantee that your properties are well-kept and earning income today, but also about ensuring they will continue to for years. Therefore, a competent asset manager will continually look for methods to improve your properties and increase their value.
How Asset Management Differs from Property Management
Since you understand more about asset management, let’s compare it to property management. Even though both disciplines are vital, they do have some key differences.
Property managers are liable for the day-to-day operations of your rental properties. This covers marketing and leasing, rent collection, maintenance and repair, and evictions. Property managers make sure your renters are happy and your properties are operating properly.
On the other hand, asset managers focus on your assets’ long-term growth. This means identifying ways to improve your properties and increasing their value. Asset managers also work with you to establish a strategic plan for your rental property portfolio. This strategy will identify your goals and objectives as well as the procedures necessary to reach them.
While property management is essential, asset management will help you maximize the return on your investment. Rental property investors who deal with a property management company that also delivers real estate asset management services gain greater profits and stronger portfolio growth.
At Real Property Management Midlands, we are a top choice for investors seeking quality property and investment portfolio management services. We offer a range of services to help you optimize your existing properties and grow your rental property portfolio. Contact us online today to learn more.
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