Property management presents opportunities

WASHINGTON – Nov. 6, 2007 – Real estate agents have the opportunity to branch out into property management, especially as investors decide to rent out their units while they wait for the housing market to rebound.

The Census Bureau reports a year-over-year jump of 7.2 percent in the number of vacant properties on the market in the third quarter to 2.1 million, while the total number of vacant units nationwide – including rentals and those not currently on the market – rose 7.8 percent to 17.9 million.

RentalHouses.com founder Robert Massey says it is important for real estate associates to help their clients determine whether it is wise to rent out their properties, as taking into consideration all expenses – including unanticipated vacancies and maintenance – could make lowering the asking price and selling now a more cost-effective option for some.

Property owners who decide to rent must then determine whether to manage the units themselves or hire someone to do the job for them. Massey urges Realtors to carefully consider acting as property managers, as it requires them to become familiar with a vast number of regulations, including fair-housing and landlord-tenant laws.

Another option is to refer property owners to property management firms, with the expectation that the owners will be referred back to the agent when they eventually do decide to sell.

Source: Inman News (11/06/07) Carter, Matt

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