Real Estate

Have you thought about become a property manager and do you want to know what the property manager role really entails? What are the responsibilities of a property manager? Read on if you’re thinking about pursuing a career in property management. We hope this list of responsibilities below will help you decide if this career is for you. What does a property manager do? Generally, a property manager is hired when the owner either a real estate investor or landlord wishes to outsource some or all of the daily responsibilities of your rental property. In fact, the property manager’s responsibilities may include some basic tasks, or you may be responsible for entire operations at the property. Below we list 10 common property manager responsibilities 1. Find new tenants They typically include tenant management. This is the primary responsibility of homeowners, and many are happy to outsource it to property managers. Tenant management often includes finding and attracting tenants. Residential property managers are expected to fill vacant rental units on the property. Marketing a rental property, therefore, is part of the job description. They will need to advertise the rentals and post attractive ads on relevant listing sites and other places to advertise rentals. 2. Tenant evaluation The property manager’s responsibilities also include ensuring that potential new tenants are trustworthy. In this case, professional property managers usually have a specific role in the tenant selection process that goes through the history and credit history of potential tenants. The good thing here is that the more people you vet over time, the better and faster you will be able to choose the right tenants and avoid frequent tenant turnover. 3. Complaint handling Maintenance and claims processing are also common property management responsibilities. For example, if someone hosts frequent parties at the property and the neighbors complain, it will probably be the property manager who will have to deal with the matter. Sometimes property managers even have to handle emergency situations, so you should also be aware of the safety precautions taken at the property. 4. Coordination of tenant rotation The property manager’s responsibilities include coordinating tenant turnover. In fact, property managers are the ones who must coordinate the entry and exit of people. You will need to inspect rental spaces after previous tenants have suffered damage, organize cleaning, and repair damage before new tenants move in. In some cases where tenants cause problems, the property manager handles evictions. This means they must know the laws between landlords and tenants and have the courage to handle the situation with confidence. 5. Setting, collection and adjustment of rents Collecting rent is a basic responsibility of any landlord. Therefore, property manager responsibilities may also include managing leases, as landlords are happy to outsource this task to property managers. The property manager also typically defines and establishes systems for collecting rent from tenants. They will often need to include strict deadlines and penalties for late payments, and a method for verifying that all rents have been paid as agreed. The property manager not only is responsible for collecting rents, but it is also usually responsible for setting the rental rate. This requires that they really know the market. A property manager must adjust rents in a way that attracts tenants but also generates rental income for owners. Additionally, the property manager can also increase or lower the rent annually based on the evolution of the real estate market. 6. Property maintenance Property Manager Responsibilities Also Include Property maintenance. This will ensure that the property is kept in good condition and is a safe environment for tenants. Maintenance means investigating and resolving tenant complaints and enforce occupancy rules. They will also review all vacant apartments and maintain and renovate them as necessary or coordinate the work of contractors. Keep in mind that in colder places, basic maintenance may even include hiring snow removal services. 7. Secure the property Property Manager Responsibilities They often go beyond basic maintenance of the rental property. They must also protect the property by hiring security guards or maintaining appropriate security devices, or both. Your role will also include establishing policies and procedures that encourage emergency preparedness. A professional property manager knows that the more secure the property is, the tenants feel a greater sense of security. This improves tenant retention. 8. General supervision A property manager’s responsibilities and role can often be much more than it seems. They also include the most visible day-to-day services and errands, but in the background, they can actually run the entire program. This is if the real estate investor wants to use the full spectrum of property management support available on the market. Property managers may be asked to perform all property analysis, planning, and management. To do this, they need a broad set of management skills and knowledge of the real estate field. If there are other employees working at the rental property, for example security guards, property manager duties include supervision of your work. This includes setting their salaries and evaluating their performance. Property managers will also supervise other potential contractors on the property. 9. Financial management For residential property manager, financial management begins by analyzing and setting appropriate rental rates, calculating costs, depreciation and taxes, as well as determining realistic profit goals and a budget to achieve them. In addition to planning, a property manager is also expected to achieve financial goals. They do this by collecting rent and paying bills, monitoring deviations, and taking corrective action to get the budget back on track. 10. Stay up to date and enforce landlord-tenant laws Professional property managers must have a thorough understanding of the landlord-tenant laws in terms of tenant screening, handling security deposits, lease terminations and evictions, as well as compliance with property safety regulations. They will have to enforce these, and all policies established in the lease agreements. This may also include confronting potential violators. Final thoughts We hope that this list of common Property Manager Responsibilities provides a better understanding of what

Finding an affordable city to buy a home can be a challenge. Getting a good deal is key to my investment strategy. To help you find the best investment opportunities, here is a list of the ten most affordable big cities to buy homes in the US. These cities not only offer affordable housing but also promising growth prospects and quality of life. To measure this, we will look at house prices and salaries. General description Of course, a low price doesn’t necessarily mean a great deal. For more information on how to find great deals, check out my Master the deal course. This data is from May 2024 and comes from the National Association of Realtors (NAR), the Zillow Home Value Index, the US Census Bureau, local economic development reports, and the Bureau of US Labor Statistics (BLS). There are many smaller cities that are even more affordable in many areas of the country. It may surprise many people, but people who earn lower salaries are actually more likely to buy a home than many who earn much more in expensive areas. Top Ten Most Affordable Cities (Salaries and House Prices) 1. Detroit, Michigan Detroit has experienced a remarkable comeback over the past decade. The city is known for its affordable real estate market, with a median home price of around $70,000. The average salary in Detroit is approximately $36,000. With revitalization projects underway and a growing tech scene, Detroit is becoming an attractive option for first-time homebuyers and investors alike. 2. Cleveland, Ohio Cleveland offers a combination of affordable housing and vibrant cultural life. The median home price in Cleveland is approximately $85,000. The average salary in Cleveland is around $38,000. The city’s diverse economy, driven by the healthcare, education and manufacturing sectors, makes it a target for real estate investment. 3. Pittsburgh, Pennsylvania Pittsburgh is another city where affordability meets opportunity, with a median home price around $150,000. The average salary in Pittsburgh is approximately $42,000. Pittsburgh offers a strong job market, particularly in technology, healthcare, and education. The city’s rich history and growing infrastructure add to its appeal. 4. Indianapolis, Indiana Indianapolis combines affordability with a high quality of life. The average price of a home is around $175,000. The average salary in Indianapolis is about $44,000. The city is known for its strong job market, excellent schools, and vibrant cultural scene. Indianapolis may be ideal for families and investors seeking long-term growth. 5. Buffalo, New York Buffalo is experiencing a resurgence, with a median home price of approximately $130,000. The average salary in Buffalo is about $40,000. The city’s affordable cost of living, along with its strong job market in healthcare and education, makes it an attractive location for home buyers. 6. Memphis, Tennessee Memphis offers an affordable housing market with a median home price of about $120,000. The average salary in Memphis is approximately $37,000. Known for its rich musical heritage and vibrant culture, Memphis also has a strong economy driven by the transportation, healthcare, and education sectors. 7.Birmingham, Alabama Birmingham combines affordability with economic growth. The average price of a home is around $160,000. The average salary in Birmingham is about $38,000. The city’s economy is diverse, with strong sectors in finance, healthcare and manufacturing. Birmingham’s southern charm and historical significance make it a desirable place to live. 8. Kansas City, Missouri Kansas City offers affordable housing with a median home price of approximately $190,000. The average salary in Kansas City is around $45,000. The city is known for its strong job market, particularly in the finance, healthcare and engineering sectors. Kansas City’s thriving arts scene and friendly community add to its appeal. 9. Oklahoma City, Oklahoma Oklahoma City offers affordable housing with a median home price of approximately $160,000. The median salary in Oklahoma City is approximately $40,000. The city has a growing economy driven by the energy, aerospace and biotechnology industries. Oklahoma City’s low cost of living and family-friendly environment make it a great place to buy a home. 10. St. Louis, Missouri St. Louis rounds out our list with a median home price of around $150,000. The average salary in St. Louis is about $41,000. The city offers a diverse economy with strong healthcare, education and manufacturing sectors. St. Louis’ rich history, cultural attractions, and affordable real estate market make it an interesting place to invest. This table summarizes the information here. The affordability index is wages divided by the price of housing. The higher the affordability index, the more affordable it is. City Average house price Average wage Affordability Ratio Detroit, Michigan $70,000 $36,000 0.51 Cleveland Ohio $85,000 $38,000 0.45 Buffalo, New York $130,000 $40,000 0.31 Memphis, Tennessee $120,000 $37,000 0.31 Pittsburgh, Pennsylvania $150,000 $42,000 0.28 St. Louis, Missouri $150,000 $41,000 0.27 Indianapolis, Indiana $175,000 $44,000 0.25 Oklahoma City, Oklahoma $160,000 $40,000 0.25 Birmingham, Alabama $160,000 $38,000 0.24 Kansas City, Missouri $190,000 $45,000 0.24 Conclusion These ten cities offer some of the most affordable real estate markets in the U.S., each with its unique combination of economic opportunities, cultural attractions and quality of life. Whether you’re a first-time homebuyer or an investor looking for promising real estate markets, these cities provide a great starting point. What do you think of this list? Let me know below in the comments.

  Introduction to Self-Storage Properties Self-storage properties are designed to house numerous individual storage units of various sizes. This sector is thriving, with its market value projected to exceed $64 billion by 2026. Individuals and businesses rent these units to store items ranging from furniture and clothing to business records and inventory. Key Reasons for Using Self-Storage Moving Lack of space at home Changes in household size Downsizing Business purposes Why Investors are Drawn to Self-Storage Steady Income The self-storage industry promises a consistent income stream. Demand for storage units surged to 14.5 million in 2022, an increase of 970,000 from 2020. Owners have enjoyed an impressive annual return on investment of nearly 17% over nine years. Recession Resistance Self-storage real estate is notably resilient during economic downturns. During the pandemic, warehousing revenue rose steadily, with occupancy averaging 96.5% in Q3 2021, up from 91.5% in Q1 2020. Even during the 2008 Great Recession, self-storage showed a positive return of 5% while most REITs suffered losses. Lower Operating Costs Operating costs for storage units are relatively low, typically around 35% of revenue. These spaces experience less wear and tear than apartments, offices, or commercial properties and have fewer amenities. Property taxes account for nearly one-third of property expenses on average. Stable Cash Flow With many small units, the loss of a single tenant has minimal impact on cash flow. Vacant units can be quickly readied for new tenants, avoiding the renovation costs and time required for other property types. Advantageous Leases Month-to-month leases allow landlords to adjust rates swiftly in response to market conditions. Automatic credit card or ACH billing reduces default risks. Evictions, though undesirable, are generally simpler and quicker than for apartments or commercial tenants, with the potential to recoup losses through lien auctions of unit contents. Challenges in Self-Storage Investment Market Saturation A major risk is oversupply. Thorough market analysis is crucial to avoid investing in saturated areas, which can occur due to excessive new construction or a surge in institutional investments. Management Requirements Despite fewer management tasks compared to residential properties, self-storage facilities still require onsite staff to manage access, assist customers, and maintain equipment. On average, U.S. facilities employ 3.5 staff members each. Security Needs Facilities must have robust security measures, including access control and video surveillance. Units should be constructed with reinforced walls and doors, and tenants typically provide their own locks to enhance security. Conclusion Investing in self-storage real estate can be highly rewarding, offering recession-resistant demand, stable cash flow, and low operating costs. However, it requires diligent market research, effective management, and stringent security measures. With careful planning and a realistic understanding of the sector’s challenges, investors can capitalize on the growing demand for self-storage facilities.