Phoenix is an amazing city in Arizona. It's a beautiful place to live, great weather, great industry, and friendly people. A look into the real estate industry will reveal a very competitive property management market. With many rentals properties and housing portfolios, there comes a need for property management.
1. Housing Bubble to Housing Burst
Around 2008-2009, the housing bubble finally burst. The housing market had been climbing for some time and then, suddenly, all across the country, it burst. It left many families in financial disarray, and with hard choices to make. Thousands of houses in the city of Phoenix were being foreclosed on, repossessed by the banks and sold at auction. Hundreds of auctions were taking place on the courthouse steps, daily. House flippers and real estate investors were both snatching up properties at half price or better. Time would prove how effective this burst was for the rental market. This alone, made a large market for property management because of the growing housing portfolios of the landlords and investors. With a need, came solutions in the form of the many property management companies, all competing to serve those ever-growing housing portfolio.
2. Rental Properties
After the recession, an abundance of homes was empty. Many were trashed before the previous owners left. Conditions of these homes were not always a pleasant situation. The prices they were bought at did reflect this, but this is where the rentals began to surface. Families were forced out of their homes because they simply couldn't afford them and banks were taking them back. With so many properties now empty, and so many people, now needing housing, the rental market began to increase. Most landlords that owned a few homes would manage them themselves. It's easy to manage the rents, repairs, and tenants for a few homes. Once, their portfolios reached more than just a few, it became a full-time job just to stay on top of the rental properties. This is where property management Phoenix began to grow competitively.
3. Owner's Time
Having the time to manage newly acquired properties was not always available to these new owners. With such a landlord's market in Phoenix, there was a sustainable market for property management. With this recession, Many new property management companies began their venture. Offering services to free up the landlords time was the key to their success. Services including accounting, tenant search, and background checks, collecting rents, arranging for repairs and scheduling the maintenance services were all a key aspect to their success and attractiveness to the investors or property owners. With so many management companies, the property owners have a great selection of companies to choose one that fits them best.
Phoenix is an attractive place to live. There's plenty of work and industry. It has beautiful weather and great neighbors. After the housing recession, it became a popular place for investors to grow their housing portfolio and with this grew the property management market. It's a competitive market for these companies because of sheer numbers, but this is good for the property owners. With a competitive market, the property management companies will compete to provide the best services.
