Why has property management gained importance in real estate?

Property management has gained significant importance in real estate primarily because of the increase in absentee ownership. As more property owners have begun to invest in real estate not solely for personal use but as investment opportunities, many of these owners do not reside near their properties or may not have the time or expertise to manage them effectively. This ongoing trend creates a demand for professional property management services that can handle day-to-day operations, maintenance, tenant relations, and financial management on behalf of the owners.

Absentee ownership has led to an increased need for property managers who can ensure that the properties are well-maintained, that tenants are satisfied, and that rental income is maximized. These professionals are skilled in navigating local housing markets, understanding tenant laws, and dealing with various challenges that can arise in property rentals.

As a result, property management not only supports absentee owners but also contributes to the overall stability and value of the real estate market, allowing owners to generate passive income without the direct involvement that managing properties requires.