Special offer

We're fine, how are you?

By
Real Estate Broker/Owner with Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ

market report- business is up

We're doing just fine, thank you. How are you?

The RE Sales market is SO slow right now in my small town that  sometimes I find myself reluctant to say that we're doing just fine! Why, are we doing fine? Because we handle Rentals as well as Sales.

We're coming up on our 5-year anniversary of opening Prest Realty. We opened on a half a shoestring; worked from our home for a month or two, then leased a small, upstairs office, a year or so later moved downstairs and larger. We've just made another move to larger and nicer space. In 5 years we've tripled the number of rentals we manage. Now when the Sales were booming we did our share, and when the market turns we will have a nice inventory of listings.

But we hear frequently from people, "Oh, I didn't know you do SALES". And from other Agents, "Prest Realty, they're real small and they do RENTALS" (I've had Agents introduce me to someone exactly that way). Some Agents seem to feel that rentals are second-class real estate. Now I really don't wish any of my fellow RE Agents ill, but I can't help a certain satisfaction that we are alive and well and prospering!

My husband tells people "we don't do rentals 'cause we LOVE them", in fact he says he thinks he is being punished for a former life. I love finding houses for Buyers, I like the excitement of a sale. But we're putting 2 sons through college on rental commissions, and that would be very hard to do right now on sales. Prest Realty is doing fine, thank you, here in Payson, Arizona.

Do you depend completely on Sales? If so, how are you surviving? If not, what else are YOU doing?

Posted by

Leslie Prest, Prest Realty                                      Find us with Payson info on Facebook and Twitter
Sales and Rentals in Payson, Arizona                                                                and Google+
We've been in Payson for 20 years, and         
love tell people why Payson is great!
http://www.PrestRealty.com
Leslie@PrestRealty.com

QR code- Les and Leslie Prest, Prest Realty

Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

I have been in property management for close to 30 years and it is a good way to go.  No major ups, but no major downs.  As long as the population keeps growing there will be a need for property managers.  In fact, a slow sales market means growth for property managers.

I almost forgot, I am sure your husband is being punished.

May 16, 2008 05:59 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I just filed corp and state taxes....we (husband and I are s-corp) made MONEY for the 4th year of 10 * after paying for 3 cars/all expenses, office rent, 4 cel phones, health insurance, etc. 

Time to buy more rental property

May 17, 2008 03:18 AM
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

Robert-Wow! You've got even longer than we have! You're right, our business (the rental part) is going up.

Wallace- Good for you. Property management may not make us rich, but it supports us pretty well.

May 18, 2008 08:30 AM
Liz Carter
Liz Carter & Team Realty-Your Real Estate Resource For Life! - Katy, TX
Broker/Owner of Liz Carter & Team Realty, Katy TX (Houston)

Leslie, that was much better, I just clicked on your name and came right to your profile :).  Go back on your profile under your first name and keep typing, that way you will also be able to get your city and state in.  That helps if someone has a referral for you, they know were your market is.  If you have enough room you could even add that you specialize in lease management, or handling rentals, & sales, or whatever you want other agents and the public to see and know.

Glad it helped, and look forward to getting to know you better.  That is awesome you are making a success of a lease management co., there is good money in that.  Putting two sons through college, and own your own business!  How many homes do you manage?  My ex partner at a big C-21 office does a ton of rentals and property management, and I know several agents in Houston that is all they do, and like you, do very well.  Liz

May 21, 2008 06:02 AM
Bill Dowell Condo Assoc. Management in Worcester, MA
Worcester Property Management LLC - Worcester, MA
Our firm does the same thing: sales and rentals. We also do condo association management which is very realiable recurring income (but you really need an accountant on staff to do it right). I agree, some realtors look down on rentals but I find it a great supplement to business. Granted the commission is small but it's quick since the sale cycle is much shorter.
May 21, 2008 07:04 AM
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

Liz- Thanks again. What I'm showing now is certainly better. But what I type under my name doesn't show up in my comments. It shows on my profile, on my blog, but not in my comments.

My husband and I do the rentals together. We manage about 80 (goes up, goes down) but we're considering taking it up to 100 if the new agent we hired works out well. It is a nice, steady income.

Christina- We have been approached by HOAs, but haven't taken the plunge. Is it a lot of disputes with the HOA and Owners?

May 21, 2008 10:33 AM
Susan Hilton
CENTURY 21 Beal, Inc. - College Station, TX
Texas Aggie Real Estate, College Station Bryan Texas Real Estate

No - just real estate sales but I remember a time when the property management and leasing carried the company through really hard times. I think part of the issue is your focus. Sometimes you just have to hire someone else to do the rentals and focus all your time on sales.... It is hard to make the jump sometimes.

May 21, 2008 10:37 AM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Glad to hear things are going well for you in sunny Payson.  Property management is a tough job.

May 21, 2008 10:05 PM
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

Susan- thanks for commenting. When the sales market was goos hrer (a few years ago) I did most of the sales and my husband did most of the rentals. We had much fewer proeprties at the time. When the market picks back up I'll have to make some decisions about possibly hiring someone for the rentals.

Thanks, Georgina

May 22, 2008 05:43 AM