Investors typically invest their money in real estate ventures, such as apartment buildings or condos. It can be a valuable asset to those who will baby it and make it work for them. However, the management of such places can be difficult or confusing. You may be part of a corporation that wants to purchase office buildings to branch out or resell. You may also purchase undervalued homes to fix up and resell. However, you could also buy older apartments or condos and refurbish them to rent out for a steady income. In this regard, you will likely require a real estate asset manager to help with all the paperwork and situations.
What Do They Do?
The tasks of a real estate asset manager are quite different than a regular property manager, as they are more focused on the big picture. They can typically counsel you on potential purchases while considering the neighborhood, taxes, and zoning requirements. However, they can also help negotiate when trying to buy or sell properties. In many cases, they will also handle some property management issues, especially if they are part of a company specializing in both options.
You will likely need to provide an office for the manager, which will probably be located on the property. If the same manager handles multiple properties for you, they may be located in a central area. This makes it easier to get to any properties when necessary. However, if you hire a company to handle this business, they will likely stay at their business headquarters.
You can expect to pay about 10% of your gross rental income to the management company so they can do their job properly. If you are using them to acquire new properties then you will probably pay an annual salary and should expect to pay at least $51,000.
While experience is typically more sought after than degrees, most of these managers will have a Bachelor’s degree in real estate, finance, business or some other related field. You may also want to consider candidates that have a Master’s degree in those areas. Many states are requiring these professionals to hold a license, especially if they will be involved in selling or buying properties.
Managers can also become certified by the Building Owners and Managers Institute International as a Real-Property Administrator, although this is rarely required by investors.
Real estate asset management is an important aspect of any property manager. Real Property Management, Island Pros may be able to help, so visit their website today.