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Orange County Property Management, a Bright Spot During Dark Economic Times
Article contributed by Real Property Management

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 fee.

Another 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.

As long as housing sales struggle the property management industry will remain a bright spot and an opportunity for those experienced in property management.

 

Article submitted by Bryant Hull, MRED
Real Property Management

Real 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

No unauthorized duplication without written consent.

 

Article contributed by Real Property Management

   

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