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Property Management Outlook Strong

Posted by 15789465 on

Jack be nimble, Jack be quick, Jack jumped over the candlestick... In other words, Jack didn't just keep doing the same old thing all the time, and so avoided getting burned. Take a lesson from Jack.  If you are a real estate agent or broker, everyone seems to be crying gloom and doom.  This is what we all hear: "It's going to be a lot harder for homeowners to borrow money AND Congress is going to abolish the mortgage interest deduction on our taxes.  Residential real estate brokerage will be in the toilet."  Will it come true? Who knows.  BUT, if it does come true, where are all the people going to live?  Not in hotels or campers, that's for sure. They'll live in rental houses or condos, or apartment communities, or manufactured housing communities. As home ownership becomes more difficult, property management will be in much greater demand.  If you do not already offer these services, think about providing them for a market area with little competition from "the big guys."  I'm talking about single family rental homes.  This market is often ignored by large property management firms, and an ideal place for you to start. Property management offers:
  • steady income;
  • the ability to take vacations;
  • opportunities for brokerage when you sell the landlords' properties or assist them in purchasing more;
  • the chance to buy properties from your landlords, often with seller-financing;
  • a business you can actually sell when you are ready to retire!
If this interests you, look for future posts that tell you how to get started, how to avoid the most common pitfalls, and how to plan for success.  Please post comments with particular questions or observations, and I'll be sure to address them. As always, if you like this blog, share it with others through your own tweets or social media options.

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  • Do you know of any further reference material either hard copy or online for property management? Or are you planning a seminar or class in the future on this topic?

    Chuck Robertson on
  • does one need a special license, in addition to a realtor license, to be a property manager of someone else’s single family residence?

    howard ross on
  • if i get a realtor’s license to legally qualify as a property manager, i might be changing my status as a party in lawsuits (which have already not been going well for me). does anyone have a comment on whether changing my status as a layman to a licensed realtor would negatively impact my consideration and treatment by the courts.

    howard ross on
  • You need only a real estate license to manage single family homes. Several years ago, there was an exemption made in the real estate license laws so that managers of multi-family units did not need a real estate license. But, you still need one for single family. As always, Howard, thanks for asking the excellent questions that interest lots of people.

    deniselevans on
  • Although I do have seminars on this topic, I would highly recommend joining national and local trade associations such as IREM— The cost of membership is tiny compared to the value of the materials you receive and the access to resources and peers.

    deniselevans on

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