Real estate expert Kenny Slaught has had a successful career with his company in Santa Barbara. He has managed to include more than 3 million square feet of coastal California apartment, office, retail, and self-storage properties throughout his long and fructiferous career. Although managing rental properties might be at first a daunting task, there are, however, several facts — and also tips — landlords and people in general should know before they embark themselves in such venture. Managing rental properties and real estate properties in general is no different than any other business; however, being a property manager allows landlords to have multiple income sources and earn more money per property. As landlords and property managers start acquiring more and more properties they end up having three up to five different income sources on the rental property. Those using professional techniques have 15 to even 20 different income sources on each property. Moreover, the world of rentals and housing allows third-party property managers to have 12 up to 30 income sources per property. Nonetheless, this might be deceiving at first. Those real estate enthusiasts and those interested in pursuing a career in the real estate world must not take it the wrong way, meaning that real estate investing is not “get rich immediately” scheme. It is rather an ongoing process that requires time. Successful landlords and property managers develop their businesses throughout decades; moreover, they develop each source of income one by one: since rental and housing business is one of the most consistent and safest investment option there is when it is, obviously, properly managed.
As any other business, real estate investments are not detached from technology developments. Being a business as ancient as readers can wonder, the world of real estate and property management has seized the latest technology. In fact, the possibility of being a landlord or a real estate manager has become much easier than ever before. The burden of having to make incessant phone calls, or send letters, or meet up with investors or tenants multiple times, has been reduced thanks to technology. Professional managers and landlords now go through most of the process using the technology available for this kind of issues. Dealing with tenants, repairs, payments and all sorts of communications has become much easier for both parties thanks to the resources and developments available now. Rental property owners and managers are now able to handle more doors with less effort. In fact, technology has made possible the possibility of the previously stated because, if readers take a look back, it was almost impossible for a landlord to have properties outside this area or the area he was born in. Now, and after technology impacted the economy and the market, it is possible for rental property owners and landlords to have properties almost everywhere: if readers want to pursue a career in this business, all they need is a computer, a telephone and the right resources, and they can (almost) run the whole thing from the comfort of their homes.
Another plus this type of business generally offers is the possibility of attaining certain level of control. Unlike other investments, where investors simply hand over their money in hopes that someone will manage it properly and correctly, real estate investments are tangible investments that the investor can control: they are physical asset with a real return which can be protected by managing correctly every property. Moreover, with the right knowledge and the right tools, since property management and the real estate business in general, just like any other business, entails certain degree of risk that can be reduced. For example, it is possible to safely acquire rental properties and begin earning residual income. Property managers can protect themselves from bad tenants without affecting their income source as well. The market, additionally, is always looking for more managers and more owners at so many levels, whether federal, state, county or city.
So, if readers are now leaning towards investing in the real estate world, or becoming a property manager, it is highly advisable that they get educated in both managerial and economic terms so that they can handle the investments just like any other type of investments, always aiming to maximize the returns with the least amount of risk and time. Although there is no safe pathway or walkthrough to become a successful property manager or landlord, there are some points where property managers agree upon: it is seemingly advisable to look for rent ready or tenant occupied properties with three to four bedrooms in the top investment markets within the USA: Florida, Georgia, Tennessee, Indianapolis, Ohio and Texas. Get surrounded with people who are proficient in such business and who can help answer all the questions regarding the regulations the rental property market has.