As a single-family Chapel Hill rental property owner, you are also an investor. Irrespective of whether you are just getting started or already have an outstanding rental property investment portfolio, it’s necessary to recognize the difference between property management and real estate asset management. While new investors often confuse the two, the fact is that property managers and asset managers play two very different roles in rental property investing. To build and maximize a well-rounded investment portfolio, you need a property management partner that can do both. Let’s look at how Chapel Hill real estate asset management can help you grow your single-family rental property portfolio.
Why You Need Asset Management
If you’re the same as most single-family rental property owners, you got into this business to produce a profit. And while there’s nothing wrong with that, it’s essential to note that your rental properties are also assets. After some time, these assets will appreciate in value and can offer a substantial return on investment. But for your assets to reach their full potential, you need to actively manage them.
Real estate asset management means protecting and developing your assets. It’s important to guarantee that your properties are not only clean and neat and producing income today, but also to securing they will continue to for years. For this reason, an excellent asset manager will constantly seek out ways 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. Though both disciplines are significant, they do have some key differences.
Property managers are in charge of the day-to-day operations of your rental properties. This encompasses marketing and leasing, rent collection, maintenance and repair, and evictions. Property managers ensure that your renters are content and your properties are delivering great.
On the other hand, asset managers focus on your assets’ long-term growth. Identifying possibilities to enhance your properties and increasing their value is what this entails. Asset managers also team up with you to develop a strategic plan for your rental property portfolio. Your goals and objectives and the steps you must take to reach them will be outlined in this plan.
Even though property management is crucial, asset management will help you maximize the return on your investment. Rental property investors who team up with a property management company that also delivers real estate asset management services see higher profits and stronger portfolio growth.
For investors seeking quality property and investment portfolio management services, Real Property Management Titan is a top pick. We provide several services to help you optimize your current properties and expand your rental property portfolio. Contact us online today to learn more.
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