Understanding Asset Management versus Departmental
Asset Management is how you describe a single person managing the total overall business of renting a home. It means one person finds the applicants, interviews them, signs the lease papers, records the payment of rents, and handles any service orders like arranging repair contractors to maintain the property.
The best thing with Asset Management and the selling point is that an owner has a single point of contact who is there to handle all aspects of renting out their home.
However, it’s not necessarily the ideal solution because it could be that the asset manager is not very good.
In circumstances like this, the fact the sub-standard asset manager is the only person managing the property, means that nobody else in the company nor the owner has any way of knowing they may have a problem on their hands. Because no one is being held accountable, the problem can persist for a long time until it’s found out, by which time a lot of damage can be done.
The Profit realty Departmental Approach
What Profit Realty offers is a Departmental solution. This approach means we employ dedicated people to handle each aspect of running an income generating home.
Profit realty has one person who only handles the applicants and the leases. Then we have another person to manage the tenants’ payments, making sure the tenants are paying and attending collections if there is any sort of problem. A separate accounting person then pays the owners.
If any maintenance work is required then Profit Realty has one dedicated person to manage all aspects of maintaining a property and making ready if a home needs a lot of work.
Why Departmental is Best
This departmental approach is the best solution for owners because it gives added peace of mind. There may not be just one point of contact, but having the best, dedicated experts managing each area of the rental process means that nothing can go wrong.
With Asset Management it is rare to find a person who is good at all things. But with the Departmental approach it’s possible to find a person who is good in maintenance, understands working on homes and can tell when a contractor is not telling the total truth.
We can almost guarantee that owners will save money with our Departmental approach a lot more easily than if they opt for the Asset Management solution.
Profit Realty is now a licensed Texas real estate school so we are able to teach people how to buy, sell and administer income-generating properties.
Agents who take a Profit Realty class can learn all they need to know about understanding the differences between the Asset Management and Departmental solutions. If you are interested please give us a call.