Do you run multiple properties but are having a difficult time managing them all? Are you considering adding onto to your workload, but want to make sure you can satisfy all parties involved? Property liability is a significant issue that affects any and all commercial development and, without proper maitenance and oversight, property analysis and property damage can go through the roof if you’re not careful. Protecting your investment means you need to be proactive and prepared for anything that comes your way. If you feel this is a summary that fits you to the T, look below to learn a little more about property liability management and its growing sectors in the American economy.
What Is Property Management?
The art of managing property revolves around inspecting and maintaining property, such as apartment complexes or land for sale. Looking after the needs of tenants, managing general pricing and keeping an eye on the latest market trends are all par for the course when it comes to managing commercial properties. Those that get into property maintenance generally have a background in accounting, business, marketing and real estate. It doesn’t hurt to have some good people skills, as well!
How Is Property And Real Estate Management In America?
Despite fluctuations in the economy and some varied outlooks on the future, real estate management is still thriving all across the nation. As of 2012, it’s thought there are nearly 300,000 Americans working as real estate managers, property owners and community associates. Recent years have seen the revenue of property management in the U.S. ranged at nearly $70 billion, as well. Although many property management services cater to living complexes and public spaces, there are a wide variety of options that can suit different work styles — apartment complexes, nursing homes, land for sale and office spaces are all options available to you.
What Should I Keep In Mind For Maintenance?
Maintenance can involve many different aspects, particularly if they crop up suddenly and need to be dealt with swiftly. Smoke alarms, for example, need to be routinely checked in public spaces to ensure the safety of residents and visitors — most have a useful life span of around 10 years, but regular check-ups are necessary in case of a faulty battery or model. Carbon monoxide detectors, however, only last about five years. Although most properties and tenants are a breeze to manage, expect to deal with anywhere from three to five significant issues every year — these can range from general repairs to complaints about neighbors or rent increases. Property liability is a field that functions best with a little extra attentiveness and knowledge of both residential spaces and people’s needs.
What Does The Future Hold?
It’s a buyer’s market out there for anyone with even a passing interest in property management or real estate. Investment sales for commercial properties are beginning to pick up speed, with studies showing an 11% year-over-year rise in the first quarter of 2015 alone. Industrial rents, for one example, should experience at least a 3% gain as of recent years. Office rents, on a similar note, will rise by nearly 4%. If you’ve thought of signing up with a property management company and putting that public relations or marketing degree to good use, it’s never been a better time to join the movement! Property liability is only as good as its people, after all, so go forward and make your mark.