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.
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