As a single-family Novato rental property owner, you are also an investor. Are you just starting? Or do you already have an impressive rental property investment portfolio? You have to know that it’s important to be aware of the difference between property management and real estate asset management. Although new investors every so 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 Novato real estate asset management can help you increase your single-family rental property portfolio.
Why You Need Asset Management
If you’re like most single-family rental property owners, you got into this business to make money. And although there’s nothing wrong with that, it’s important to remember that your rental properties are also assets. Over time, these assets will appreciate in value and they can provide a significant return on investment. But for your assets to reach their full potential, you need to actively manage them.
Real estate asset management is all about protecting and growing your assets. It’s not just about ensuring your properties are well-maintained and making income today, but also about keeping track of it to make sure that they will continue for years. That’s why a good asset manager will habitually look for ways to improve your properties and increase their value.
How Asset Management Differs from Property Management
Now that you know more about asset management, let’s compare it to property management. While both disciplines are significant, they do have some key differences.
Property managers are responsible for the day-to-day operations of your rental properties. This includes marketing and leasing, rent collection, maintenance and repair, and evictions. In short, property managers make sure your renters are happy, and your properties are running smoothly.
On the other hand, asset managers focus on your assets’ long-term growth. This means identifying opportunities to improve your properties and increasing their value. Asset managers also work with you to create a strategic plan for your rental property portfolio. This plan will outline your goals and objectives and the steps you need to take to reach them.
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 realize higher profits and stronger portfolio growth.
At Real Property Management SonoMarin, 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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