Thinking of Property Management In Portland Maine?
Property management in Portland Maine has been stagnant for many years because landlords preferred to manage their investments by themselves. However, the situation has changed in the recent past because property owners are now willing to hire professionals to take care of their rental properties. This is because the real estate market has revived and a good number of investors owning rental properties in the area do not live near their investments. This has also made it necessary to hire reliable property management in Portland Maine to manage investments on their behalf.
The local authorities have also raised concern about the state of housing in the area and stiff laws have been established to protect the rights of tenants in the area. This is because a good number of landlords have been taking advantage of the rising demand for housing in the area to exploit tenants. Landlords in the area have been increasing rents year after year when some of the houses are in deplorable condition. This has made the housing authority in the area to intervene and set a code of housing that has to be observed by all people owning rental properties in the area.
The recent intervention by the local authorities to regulate property management in the area has made many investors to consider the idea of hiring a professional manager to take care of their investments. It is worth noting that the majority of the people who own rental properties are not conversant with the tenancy laws in the area. Consequently, these investors have no option but to hire a person who understands how the local real estate market works to avoid getting into trouble with the law enforcers. This has made property management in the area very profitable business that has attracted both local and non-local property managers. The property management commission has also increased in the recent past, making the industry very competitive.
Those planning to venture into the business of planning properties in the area, this is the right time to do so because the real estate market in Portland Maine is in favor of landlords and property managers. Rental rates are escalating and those owning rental properties in the area are smiling all the way to the bank. This is because the area population is increasing and demand for housing is on the rise. Additionally, the city has become an ideal place for work, living and retirement, hence many people are coming from different parts of the country to live there.
However, those planning to venture into the business of managing real estate properties in the area should be ready know that the industry has changed greatly and only the smart ones can overcome the growing competition. Additionally, the law requires those planning to become property managers to undertake some examinations and pass in order to be licensed to operate in the area. Generally, the property management industry in Portland Maine is now highly regulated and there are strict laws set by the local authorities to protect the interests of different stakeholders. The industry has really improved in the recent past and some property managers in the area make up to a six figure monthly income in terms of commission.