Why New Property Managers Should Target Developing Areas of Spokane

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The real estate management business in Spokane is highly competitive. Both property owners and tenants in the area have high expectations that property managers should meet. For instance, property owners in Spokane expect their properties to remain in good conditions and monthly rents to be deposited into their account by the agreed date. On the other hand, Spokane tenants expect the best services and total value for their money. It is worth noting that rental properties are quite expensive in Spokane and tenants expect nothing less but value for their money in return. Therefore, it can be very difficult for new property managers, especially those with limited resources, to satisfy the needs of both property owners and tenants. The following are key reasons why new property managers who want to make good money in Spokane should consider targeting developing areas instead of developed ones.

1. There is Less Competition in the Developing Areas of Spokane

The competitive landscape for property managers in Spokane is relatively low in developing areas vs. the already established ones. Quite simply, the developing areas are less saturated in every respect, but over time that is changing, if property managers are able to be a first mover in the region, they can really make a name for themselves. By doing so, they can quickly establish themselves as an expert in the area.

2. More Properties are Constructed in Developing Properties

The number of new rental properties constructed in the developing areas of Spokane is higher than in the developed neighborhoods. This means that there are more new property owners in the developing neighborhoods of Spokane looking for property managers to take care of their real estate investments. Subsequently, there are high chances of new property managers getting real estate clients in developing neighborhoods than in developed ones. If you try to compete in already developed neighborhoods, the existing property managers like Guenther Management, Madison Property Management, Windermere property management, etc. will have the upper hand.

3. Many Young Professionals Buy or Rent in Developing Areas

The high prices to buy or rent the established areas of Spokane have made it difficult for young professionals to live there. The majority prefers the upcoming neighborhoods of Spokane where properties are still fairly affordable and readily available. New brokers or property managers in Spokane Valley  can benefit from the developing estate market in developing by targeting these young up and coming professionals.

4. Where are the Investors of Spokane’s Developing Areas?

It is worth noting that the majority of the real estate investors aren’t living in those areas. The majority of the people buying rental properties in the upcoming areas of Spokane live in the already developed areas or outside the city. It is, therefore, necessary for real estate investors buying properties in developing areas of Spokane to hire property managers to look after their investments because they do not live in the neighborhood. Subsequently, this creates more business for new property managers in the region.

5. Property Managers Do Not Have to Invest Extensively in Marketing

Quite simply, there is more opportunity in these developing areas. The number of new properties constructed and possible tenants looking for houses to rent is on the rise. This makes it is easy for new property managers to find clients (property owners and possible tenants) without having to do extensive marketing. This makes developing areas of Spokane the most suitable starting point for new property managers who may lack adequate resources to invest in extensive marketing. If you are a new entrant, it is wise to start your career in the developing neighborhoods and expand to in-town properties afterward when you have more skills and have established a name for yourself.

6. Property Management Requirements in Developing Areas are Minimal

Property management requirements in the developed areas of Spokane are very stringent because tenants and property owners have very high expectations to be met. This makes it difficult for new property managers who lack adequate resources to invest in their property management business to satisfy the needs of their clients. However, property management requirements are minimal in the developing areas of Spokane because expectations in the area are still not established. It is wise for new property managers venturing into Spokane to consider targeting upcoming neighborhoods, which have minimal requirements so that they can grow their careers in tandem with the developing regions.

Upcoming Neighborhoods in Atlanta

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Property management Atlanta is a very profitable business if you have what it takes to beat the existing competition. You need to be very smart and hardworking for you to make good money as a property manager in Atlanta, especially in the central business areas and other developed neighborhoods. However, if you are an aspiring property manager planning to venture into Atlanta, you can still make good money by targeting the upcoming neighborhoods where competition is not very high. Remember that other property management firms have already taken most of the in-town and it may be difficult for a new property manager to get real estate clients in developed neighborhoods. After all, there are no new properties being constructed in the already developed areas. According to Rent Appeal new properties are being constructed in the suburbs of Atlanta and getting real estate investors to entrust you with their property is a bit easier. The following are some of the upcoming neighborhoods in Atlanta that new property managers can exploit to grow their portfolio.

1. Pittsburgh

Pittsburgh is one of the fastest developing Atlanta neighborhoods where those aspiring to venture into property management should direct their efforts. Most of the real estate investors in the area are looking eastwards towards Pittsburgh and other areas neighboring Adair Park. Pittsburgh is accessible from the Metropolitan Avenue and it is within a walking distance to various MARTA stations. Although the areas bordering Pittsburgh have experienced a rapid revival in the recent past, Pittsburgh is yet to be fully developed and many real estate investors are attracted to affordable properties in the region. It is also worth noting that Pittsburgh is located close to other upcoming Atlanta neighborhoods such as Grant Park, Adair Park, and West End. Recent studies show that although Pittsburgh had some security issues in the past, the area is growing very rapidly and can be a good place for real estate related businesses.

2. West End

West End is a historic area located south of Atlanta. West End is one of the most popular areas in Atlanta and a home to some of the well-known individuals in the region, such as author Joel Chandler Harris and others. West End real estate declined in the 1970s, but the market is now catching up with the rest of Atlanta. It has attracted many renters due to the availability of affordable houses and more real estate investors are now willing to acquire property there. The city of Atlanta has spent a lot of money to revive West End and the real estate market is now on the right track. There is no doubt that West End is among the areas that new property managers in Atlanta should target. There are a lot of potentials to pick up quality properties here due to lower competition and constant development.

3. Adair Park

Adair Park is located in the southwest of Atlanta and borders West End in the east. This is one of the most charming developing areas in Atlanta occupied with mostly single-family bungalows. Adair Park real estate declined in the 1950s and 1960s, but it is now experiencing rapid revival and the real estate market is gradually catching up with the rest of Atlanta. Some of the key factors that have contributed to the recent growth of real estate in Adair Park include its position as a Beltline community and its low cost of living. Adair Park started to grow after the opening of the Eastside Beltline Trail that made it easy to access popular places such as Inman Park, Cabbagetown, and Midtown among others.

4. Capitol View Manor

Capitol View Manor is a developing neighborhood in Atlanta; most of the homes in this area were built between the early 1920s and mid-1940s. The majority of the properties in Capital View Manor are bungalows, Victorian homes, and colonials. Real estate property in Capitol View Manor is relatively affordable and many investors are buying properties there. The majority of the people buying properties in the Capitol View Manor area are real estate investors buying homes to rent out. The cost of living is affordable and many families prefer to rent homes there instead of in-town apartments. It is worth noting that although there are very few new houses being constructed in Capital View Manor, rented properties are on the rise, making the region a good starting point for new property managers in Atlanta.

Hopefully these 4 areas help you in your search for finding properties to manage. If you have any questions don’t be shy to ask me in the contact section!