As a single-family Siesta Key rental property owner, you are also an investor. No matter how far along you are or already have an impressive rental property investment portfolio, it’s critical to understand the difference between property management and real estate asset management. Even though new investors commonly confuse the two, the reality is that property managers and asset managers play two very different roles in rental property investing. To create and maximize a balanced investment portfolio, you need a property management partner that can do both. Let’s explore how Siesta Key real estate asset management can assist you with growing 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 generate income. And while there’s nothing wrong with that, it’s vital to keep in mind that your rental properties are also assets. Over the years, these assets will appreciate in value and can give a major return on investment. However, for your assets to reach their full potential, you need to actively manage them.
Real estate asset management entails protecting and expanding your assets. It’s not enough to ensure that your properties are well-kept and producing income today, but also about guaranteeing they will continue to for years. Therefore, a great asset manager will always search 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 essential, they do have some key differences.
Property managers are accountable for the day-to-day operations of your rental properties. This incorporates marketing and leasing, rent collection, maintenance and repair, and evictions. To sum up, property managers make certain your renters are pleased, and your properties are operating efficiently.
On the other hand, asset managers focus on your assets’ long-term growth. This involves identifying ways to enhance your properties and increasing their value. Asset managers also cooperate with you to develop a strategic plan for your rental property portfolio. This strategy will define your goals and objectives along with the necessary steps to reach them.
While property management is vital, asset management will help you maximize the return on your investment. Rental property investors who work with a property management company that also provides real estate asset management services enjoy greater profits and stronger portfolio growth.
At Real Property Management Sarasota & Manatee, we are the first option for investors seeking quality property and investment portfolio management services. We provide a variety 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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