Is Asset Management the New Property Management?
At Century 21 Property Management Bravo, you’ll hear us use the term “asset management” — this is not to be used interchangeably or confused with “property management”. However, if you think of the two terms like a staircase, asset management is 10 steps ahead of property management. We’ll explain…
What is Property Management?
Property Management is the management, maintenance, operation, and oversight of a property whether it be commercial, land, residential, retail, or industrial real estate. The process works to preserve the value of the property, saving the investor hassles and time and is typically transactional and reactionary. Notably, Century 21 Property Management Bravo focuses on residential property management.
Property Management services may include, but are not limited to:
- Accounting
- Marketing
- Maintenance
- Compliance
- Tenant management
- Property inspections
- Property showings/viewings
- Tenant and vendor screening
- Tenant evictions
- Pricing and rental market analysis
- Staying up to date (and adhering to) rental legislation
There are two primary methods of property management, (1) in-house, and (2) outsourcing property management. Apartment buildings are a great example of in-house property management. An apartment building is owned by one entity (organization or individual) with in-house property management services for the entire building. Outsourcing involves a property owner outsourcing property management service(s) to a third party. For example, say you own a condo and don’t want to deal with the hassle of maintaining the condo and finding tenants. This would be the perfect opportunity to outsource property management services to a third party!
You can learn more about the property management services that we offer, here on our Expert Tips blog.
What is Asset Management?
Asset management may sound like a fancy term we made up but trust us — it’s a real thing! Asset management uses actionable results-driven data, rental analysis, and expertise to maximize your asset and portfolio; it is goal and visionary driven.
You know how we mentioned asset management being 10 steps ahead of property management? We weren’t kidding. Asset management is property management plus additional benefits that come as no additional cost to you, the investor! Here are some asset management services we offer:
- We treat your property as if it were our own!
- Access our network that spans from coast-to-coast, with 19 offices across Canada (and plenty more in the United States). The fundamental services you receive in one location are translated across the country, so no need to shy away from out-of-province investing when our team has got you covered!
- We choose vetted vendors so there are no surprises when it comes to maintenance. Our outsourced team of vendors has been vetted and verified.
- We live and breathe the rental market every day and want to share our expertise and network with you.
Conclusion
Whether you are looking for a mortgage broker, realtor, property manager, asset manager, or anything in between, Century 21 Property Management Bravo has the tools to help you meet your investment goals. Reach out to us today to start the conversation!