Ron Cadman: Vital Aspects of Real Estate Investment Management



Ron Cadman: Vital Aspects of Real Estate Investment Management

The feeling you get when you own a piece of real estate is like no other. But as glamorous as owning real estate may seem, the nuts and bolts of owning real estate -- or, real estate investment management -- is anything but glamorous. Nonetheless, it’s one of the most important aspects of owning your own income property, according to real estate investor Ron Cadman. Here’s a rundown on a couple vital aspects of real estate investment management you need to know this spring.

The first essential aspect is the management of the property itself, or assuming responsibility for daily tasks associated with owning your property. This includes dealing with your rental property tenants, which includes rent collection and handling complaints and requests. It also involves making sure that tenants aren’t breaking lease agreement rules, and moving forward with evictions as needed.

Property management also involves marketing the property to draw clients, as well as managing all of your property’s facilities -- including a playground, parking lot, and leasing center, for example. The more effectively you manage these facilities, the greater your return will be on the investment.

The second important aspect of real estate investment management is the management of the asset itself. Asset management differs from property management in that its main focus is on maximizing the profits you generate, along with your investment property’s value over time. As an asset manager, you’ll need to draft long-term financial plans and develop strategies for minimizing costs while making the most on the return on your investment.

The great news about real estate investment management is that you can hire a management firm to handle the above duties for you if you don’t feel comfortable with doing them yourself. In fact, hiring a management firm is a wise move if you’re new to real estate or have already amassed multiple properties. With the right firm on your side, you’ll be well on your way to achieving your real estate investment goals.

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