It was my extreme good fortune to take a class with Pat Strong (http://www.patstrong.com ) as the instructor this past week.
There is one thing everyone will agree to about Pat: she is a hoot! She is a real estate instructor here in Texas and travels around the country teaching real estate and other classes. She has been in the business over 30 years and has about every designation there is. Wonderful lady; talented, strong minded and a font of information.
She talked all-things real estate. Marketing was a strong point on her list. What does this have to do with the topic at hand? Well, real estate is not a guaranteed income stream, now is it? Nope, not at all. Pat kept talking about building a bridge, as in when frustrated by one thing or another. Then she would say, "Get over it!" This is where property management comes in.
First off, property management is not for everyone. Second, it is not for newbies. Third, your broker must allow you to do it. Fourth, know what you are getting in to BEFORE you take the plunge. My experience was similar to my uncle's in teh Navy during WWII. All those who could not swim were taken to the aft end of the ship and told to JUMP! Sink or swim theory. This was my entrance into property management.
The age-old comment on property management is "Toilets and tenants!?!" This is a truism. If you cannot stand dealing with other people's issues, self-inflicted or not, then forget about it. You must provide the service to the tenants because it is the service you are contracted to provide on behalf of your client (the owner).
Now the bridge part of this is when things in real estate get a little slow and you sure could use some monetary injection for your life style and/or business. Property management can be a lucrative endeavor with a monthly stipend which always comes in handy. However remember this: you must take the good with the bad. It can get ugly.
So check out your local Board of Realtors and see what they offer by way of classes on Property Management. Read your local proeprty code and see what is required of a property manager. Talk with your broker and see what (s)he has to say about the idea. And lastly, talk with an experienced, successful property manager to see you you can carry the load. Only you can decide.
Hope this gives you all pause to think and consider building a bridge for your real estate career.
Best wishes to all!
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