As a single-family Riverside rental property owner, you are also an investor. Regardless if you are just in the early stage or already have an impressive rental property investment portfolio, you must understand the difference between property management and real estate asset management. While new investors frequently confuse the two, the fact is that property managers and asset managers play two very different roles in rental property investing. To create and maximize a versatile investment portfolio, you need a property management partner that can do both. Let’s examine how Riverside real estate asset management can help you improve your single-family rental property portfolio.
Why You Need Asset Management
If you’re like many single-family rental property owners, you got into this business to earn money. And while there’s nothing wrong with that, it’s imperative to remember that your rental properties are also assets. In due course, these assets will appreciate in value and can deliver a huge 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 enhancing your assets. It’s essential to ensure that your properties are not only clean and tidy and making income today, but also about ensuring they will continue for years. For this reason, a quality asset manager will always search for ways to improve your properties and increase their value.
How Asset Management Differs from Property Management
Since you know more about asset management, let’s compare it to property management. Though both disciplines are important, they do have some key differences.
Property managers are part of the day-to-day operations of your rental properties. This includes marketing and leasing, rent collection, maintenance and repair, and evictions. In a word, property managers ensure that your renters are delighted and your properties are performing admirably.
On the other hand, asset managers focus on your assets’ long-term growth. Identifying options to improve your properties and increasing their value is what this entails. Asset managers also collaborate with you to create a strategic plan for your rental property portfolio. Your goals and objectives and the actions you must take to reach them will be explained in this plan.
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 experience higher profits and stronger portfolio growth.
Real Property Management Integrity is a leading choice for investors seeking high-quality property and investment portfolio management services. We provide different 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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