These markets are expected to be the hottest for real estate in 2022

The pandemic didn’t just upend the working world, it also has brought about some seismic shifts in residential real estate.

Large cities, which previously dominated the list of the country’s top real estate markets, are losing their appeal as people discover they can work from anywhere, spend less, and escape dense crowds. And that has unleashed a flood of demand for smaller metro areas.

In fact, the two top cities in PwC’s 2022 Emerging Trends in Real Estate report have populations of less than 2.5 million. Former stalwarts, such as Los Angeles, San Francisco, and Washington, D.C., meanwhile all failed to make the top 10.

The pandemic didn’t just upend the working world, it also has brought about some seismic shifts in residential real estate.

Large cities, which previously dominated the list of the country’s top real estate markets, are losing their appeal as people discover they can work from anywhere, spend less, and escape dense crowds. And that has unleashed a flood of demand for smaller metro areas.

In fact, the two top cities in PwC’s 2022 Emerging Trends in Real Estate report have populations of less than 2.5 million. Former stalwarts, such as Los Angeles, San Francisco, and Washington, D.C., meanwhile all failed to make the top 10.- ADVERTISEMENT -https://s.yimg.com/rq/darla/4-6-0/html/r-sf-flx.html

“The pandemic stopped a lot of people in their tracks, but also set many in motion,” the report says. “People freed to work remotely realized that they could beam into their meetings from 1,000 miles away just as easily as ten. No wonder, then, that almost all of this year’s survey of top-ranked real estate markets are in faster growing southern and western regions and away from the coasts.”

This is the 43rd Emerging Trends in Real Estate report, which has become one of the most widely read forecasts in the real estate industry.

Here are PwC’s top-ranked real estate markets for 2022:

1. Nashville
2. Raleigh/Durham
3. Phoenix
4. Austin
5. Tampa/St. Petersburg
6. Charlotte
7. Dallas/Fort Worth
8. Atlanta
9. Seattle
10. Boston

For people looking to build new homes, the report recommends these cities:

1. Raleigh/Durham
2. Tampa/St. Petersburg
3. Phoenix
4. Dallas/Fort Worth
5. Austin
6. Denver
7. Charlotte
8. San Antonio
9. Atlanta
10. Washington, D.C.–Northern Va.

This story was originally featured on Fortune.com

10 Reasons to Hire a Property Manager

If you’ve owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you’ve also likely discovered that property management requires a large commitment of time and effort.

While it may make sense to take the do-it-yourself approach if you’re a handy person, live close to your property, and don’t mind devoting several hours per month to the task, in many cases this just isn’t practical—especially if you hope to expand your business. With this in mind, here are some critical tasks a property manager can help you with:

1. Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
2. Collecting and depositing monthly rent payments on time: If you’ve ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
3. Marketing and advertising your property: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
4. Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
5. Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
6. Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.
7. Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
8. Enabling you to invest in geographically distant properties: If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
9. Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
10. Maximizing the profitability of your money: Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.

Source: Allpropertymanagement.com

What Does a Property Manager Do?

If you’ve ever held rental property, you already know that property management requires a significant time investment, as well as extensive care and upkeep. Hiring a trustworthy property manager helps alleviate some of the many responsibilities you face. But, what does a property manager do?

When you choose to outsource the administration of your rental property to professional property managers, you are relieved of the daily hassles of dealing with renters, staying up to date on laws, and taking care of the many details that come with rental properties.

What Is A Property Manager? 

Property managers specialize in ensuring that a property is run according to the owner’s instructions. But how does that translate to their day-to-day responsibilities? Property owners engage a real estate property manager to oversee the activities, upkeep, and management of their properties. Marketing rentals and locating tenants are among their responsibilities, ensuring rent prices are appropriate while covering taxes and expenses, collecting rent, and adhering to rental rules.

Types Of Property Managers

It’s impossible to define property manager-specific tasks because they will differ according to the type of real estate managed, the amount of money they are paid, and the management contract’s terms. Here are the most common types of property managers:

• Single-family home property managers work for real estate investors who keep their properties and rent them out to supplement their income.
• Multi-family unit property managers are used to oversee complexes like apartment buildings. These professionals must have excellent customer service skills and perform the typical tasks of a property manager.
• Commercial property managers are experts in real estate used for businesses or business-specific operations. These executives may be well-versed in industrial or administrative settings.

What Does A Property Manager Do?

So, you know the types of property managers, but what do property managers do? The short answer is, they play several vital functions in assisting rental property owners. What a property manager does typically revolves around marketing your rentals, collecting rent, addressing maintenance and repair concerns, dealing with tenant concerns or complaints, and even pursuing evictions, saving you time and stress. Furthermore, a competent property management firm brings expertise and experience to your property, providing you the peace of mind that comes with knowing your investment is in capable hands. Finally, because a management firm is an independent contractor, you won’t have to deal with the headaches of becoming an official employer. The most notable duties that a property manager performs include:

• Determining the appropriate rental rates

• Marketing your property

• Specializing in locating high-quality renters

• Ensuring monthly rent payments are collected and deposited on time

• Maintaining and fixing the property

• Knowing the current housing and tenant legislation

• • • Tenant vetting
    • Guaranteeing property’s safety and condition
    • Handling evictions
    • Enacting lease termination
    • Managing security deposits
    • Ensuring rent is collected and deposited

In exchange for their services, most property managers charge a portion of your property’s monthly rental cost. The fee is usually between 8-12% of the gross monthly rent, generally less than the money you save by employing a professional to look after your home. While it’s true that hiring a professional property management firm allows you to focus on the important things, you still want to know what’s going on with your rental property. A competent property management firm will keep you informed about any concerns or necessary upgrades and make it simple to access the information you need.

https://www.american-apartment-owners-association.org/property-management/what-does-a-property-manager-do/