Your Golden Goose - Property Management Services Inland Empire

Last updated 8 hours 59 minutes ago

As a real estate broker, you know the value of satisfied property investors. They may become repeat buyers and will spread the word to other potential investors, helping you grow your business. One of the keys to a satisfied investor is good property management. But how can you ensure that you're working with a reputable and reliable property management company?

By owning that property management company yourself.

You're probably asking, "Why do I want to add property management to my real estate business? Sure, I'll get ongoing income from the property management side, but I'm not sure it's worth the headaches that come with it."

If you're thinking adding a property management component to your real estate business will simply provide you with recurring monthly income, you're greatly underestimating the real value it can bring to your operation. With an automated, full-service property management system from Management One, the headaches are minor ? but the additional revenue streams and marketing cost savings can be significant. Let's see how.

The potential of property management
If you're a real estate broker who owns a property management business, that property management arm is the anchor for all aspects of your business.

The property management side helps you maintain an ongoing relationship with your property investment clients. That relationship not only increases the likelihood of repeat purchases, it offers opportunities for your clients to take advantage of any other related services that your real estate business provides.

Depending on the services you provide, your property management business can bring in commissions from a wide variety of services:

• Mortgage services
• Escrow services
• Title services
• Insurance

So when you add those potential income streams to the listing and sales commissions you get from repeat property sales, the benefits can be huge. Like the golden goose, property management is a profit-manufacturing tool that keeps on giving.

What makes property management the golden goose?
In real estate, everything is tied to a sale ? you sell a property once and you?re done. By adding property management, you get sustainable residual income from monthly fees. You also get an automated marketing arm for your real estate business.

Here's an example. You're a broker with a property management franchise that serves 500 doors.

• Every year, an average of 5 percent of your property owners will want to sell their properties.
• Another 5 percent will want to buy additional properties.

With 500 properties, that means 50 real estate transactions that come via existing clients. And you paid no marketing dollars for those transactions. (Typically, to get a listing and sale, you will spend about 25 percent of your commission in marketing costs.)

If you also provide mortgage services, your property management business will feed refinance clients your way, providing another commission. The same is true if you provide escrow or insurance services. All with zero marketing costs.

If you don't have a property management branch, you have to find customers through marketing. Don't miss the boat. A property management franchise will provide recurring income as well as opportunities to market and grow your real estate services.

Source: http://www.propertymanagementservicesca.com/518599/2012/08/09/property-management-your-golden-goose.html

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