I resolve to sell no homes in 2010
That's right folks! You read that right. I resolve to sell no homes in the year 2010. And, I hope that I can make this resolution for each year after, too. Want to know how I can do this, and survive?
I'm building my property management business. In the latter part of 2009, I decided to focus my business efforts on my strengths, while best serving customers in need. I realized there is a segment of the real estate owner population in need of help in this economy. I came across many people who needed to sell their homes, whether due to financial hardship, job transfer, or family distress. These folks did not want to take the route of foreclosure or short sale, but couldn't sell their properties on the open market without doing so. They could not carry mortgage payments on more than one property, but could carry a partial payment, if they had help paying it. This is where I come in.
I offered them a solution of converting their residence to a rental property. I was able to get them a qualified tenant in a reasonable amount of time, in conjunction with their need to move out of their home. I walked them through the process of preparing their home for rent and shared with them the different processes we take to keep their property safe, secure, and in good condition. My owners felt comfortable in what we offered to do for them and their property, so that if they ever came back to live there, they knew there would be a home waiting for them. Other owners just wanted to know their investment wouldn't decline in value because of a lack of upkeep and attention. These were important things for them.
Because I am making this resolution, I am hopeful that I won't get distracted by the draw of a “big commission check” from a sale closing. (And, believe me, I have loved getting big checks from sales.) My strengths are not centered around sales, but rather offering resources to fix things. I'm more of a problem solver. I offer solutions when there seem to be no other. With property management, I have experience in solving problems, often those that no one else can solve. I, too, am a landlord and I can personally understand what issues landlords face, especially when it comes to tenant relations. I have resources for property maintenance and repairs, as these issues arise. And, I can get these things done much quicker than someone who is NOT a full-time property manager. This is my full-time gig, and I'm proud of it. It can get dirty and it can get ugly, but I'm the man for the job.
Some of you may say, “Hey, I'm a real estate agent, so I can manage property, too, right?” Well, yeah, you can manage rental property for your customers. But, I ask you this, “At whose expense, and for whose benefit?” Are you truly equipped for handle the day-in/day-out challenges involved with managing rental property? Do you know what to do with a security deposit when you receive it? Do you know who to call when a tenant gets locked out of their house? What happens if there's a fire at the property? What then? What accounting systems do you have in place to provide regular statements to your owners, so they can know where their money goes each month? Are you sure you know what you're doing as a property manager? Or, are you just looking for a side gig to supplement your income when sales are slow? Please think about that.
Let's have a GREAT 2010, consider the interests of others before ourselves, and offer up our STRENGTHS for the benefit of our customers.
Thanks for reading!
Eric M. Boyd, Realtor
Step One Realty, LLC