Property Management is the key! So many people do not want to work in property management. I have heard people say it is unglamorous, laborious, frustrating, un-gratifying, etc. I beg to differ! If property management is done correctly and the systems are put in place from day one, property management can be glamorous and your pride and joy.
Through proper systems and vision, property management can zero-base an entire real estate company, or have it’s own profit margins up to 70%. Either way, it is an attractive business model.
It is also consistent income despite market fluctuations, and can make a wonderful retirement plan for any agent or real estate company that has long-term vision.
Real Estate is a relationship business. So why are your not ramping up your relationship business? Property management can take that 3 month relationship and extend it out 20 years! That’s a relationship! Think of the possibilities!
Because of the length of the relationship, the risks do increase incrementally. If you are married for 20 years, you WILL have a disagreement at some point. Do not take things personally, have a servant’s heart, know your Landlord/Tenant Laws, and be ready with your forms. Oh…and document everything! Just know the business, and you will have a business that you love!
Wendy Harris is the Broker Owner of Team Harris Real Estate and a Business Consultant and Coach for Corcoran Consulting & Coaching specializing in residential real estate and property management.