County Property Management, a Bright Spot During
Dark Economic Times
Article contributed by Real
Almost all aspects of real estate have been
negatively affected by the recent economic crisis.
Real estate transactions are down, prices are
down, construction is down, the remodel industry
is down, there are very few bright spots in
Orange County's real estate economy. However,
one part of the real estate industry is growing;
residential property management. There are a
number of reasons for this upturn in the need
for quality property management.
The number one reason for the growth in property
management is the increase in the number of
landlords or non occupying property owners.
This is caused by the significant drop in value
experienced by the housing market. Many homes
have dropped 30% to 50% from the height of the
2006 market; this drop in value was caused by
a messy combination of mortgage defaults, oversupply,
job loss, and fear. Many of the homes that are
for sell are bank-owned properties, short sales,
or desperate homeowners. There are a significant
number of property owners that would like to
sale or want to sell but do not forced to sell.
These homeowners are unwilling to sell at the
price that banks are willing to sell. Rather
than sell at today's prices, many owners are
opting to become landlords and rent their homes
to willing tenants. Not wanting the hassle of
managing their property many of these newfound
landlords are hiring property management companies
to lease and manage their house for a nominal
reason for the sudden growth of property management
in Orange County is that property management
is more difficult in a falling economy. Right
now there are more tenants late on their rent,
and a greater need for eviction. Many owners
do not know how to handle such issues or would
rather not deal with such issues. By hiring
a property manager to manage their home they
avoid the headaches and they leave the complicated
and awkward conversations up to the management
company. Using a property manager limits the
number of costly mistakes made by an inexperienced
landlord and provides additional protection
through their knowledge of the law.
long as housing sales struggle the property
management industry will remain a bright spot
and an opportunity for those experienced in
submitted by Bryant Hull, MRED
Real Property Management
Property Management is the premier provider
of Orange County property management and has
over 20 years experience. RPM offers residential
management including homes, condos, and apartments.
They also offer commercial property management
managing office, industrial, and retail properties.
For quality management at an affordable price
call 714-899-2200 or click www.rpmcoast.com
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