Realtors Turned Property Managers

Anyone who has made a career in real estate knows that the market is always changing. There’s no arguing the fact that real estate professionals must have the ability to accept that while there are times of feast, there are also times of famine. But even when buyers are hard to come by, opportunities for income generation exist. And one of those opportunities is property management.

Adapting to change.
It’s not news at this point: Over the past couple of years, the real estate market has taken a huge hit. With foreclosures running rampant, loan qualification processes that can be difficult at best, and severe job losses across the nation, successful real estate transactions have been hard to come by. Even successful transactions now require far more time and effort than they once did.

While things are slowly beginning to turn around, the real estate market is cyclical — we will at some point see it dip again. This is why it’s so important for real estate agents to have a back-up plan when times get rough. Property management offers realtors a great way to remain in the field and put their skills to use, even when the market is down.

Steady income.
No matter what, people will always need shelter. Particularly during economic climates like that of the past couple years, home sales may go down, but renting goes up, with all of the displaced former home owners looking for new places to lay their heads.

No matter what field you’re in, it’s always smart to go where the business is. While home sale commissions may represent larger sums of money, commissions are also unpredictable. Rental income, on the other hand, offers smaller but steady sums over time, no matter what the economy may look like. While vacancy rates certainly may go up in difficult economic times, the rental market will never dry up completely. And unlike real estate, it’s not commission-based — property managers have the advantage of knowing where and when their next check will come.

More bang for your buck.
In a time when real estate transactions take more time and effort than ever before (and sometimes don’t work out in the long-run even at that), property management offers a less labor-intensive means of earning a living. Sure, property management isn’t a breeze, but it’s more straightforward than wheeling and dealing with lenders and navigating short sales.

Particularly in difficult economic times, property management allows realtors to remain in their field, even when home transactions are lean. At times like this, the relative steadiness and predictability of property management becomes highly desirable for real estate agents that generally deal with sales in more predictable economic environments.

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