Why property management?

The real estate property management company has a number of potential client pools. Virtually any entity that owns a property, doesn't occupy it, and wants to rent it out, is a potential property management client.

Condominium associations - Though larger condominium complexes may hire in-house management staff, the smaller complexes will find it more economical to utilize an outside property management company. They may occupy an office on the property for convenience and for working with tenants and prospects; however the management company is an entity on its own.

Community or homeowner associations - For any number of reasons, a community or homeowner association may have properties under its control that are rented on a long term or short term basis. A real estate property management company would be retained for this purpose.

Investment syndicates or institutional investors - Many retirement systems own rental real estate. Groups of investors also form to collectively purchase investment rental property. A large portion of the property management business is conducted for these types of owner clients.

Apartment developers - The developer of an apartment project may not want to sell it after its completion. For whatever reason, the owner-developer wants to hold it for a period of time. This could be to realize appreciation, or the rental market could be very good and the income the motivating factor. Hiring a property management company could be more financially responsible than building an in-house staff.

Absentee owners, small unit owners and vacation homeowners - Though the property itself may only be an individual residence, duplex or fourplex, there are a huge number of these units being managed for rental income. In vacation and resort areas, there are property management companies that specialize in short term vacation rentals.

No matter which of these specialties the real estate property management company may pursue, there is a growing market for efficient and knowledgeable property management professionals.