Real Estate Brokers Turn to Property Management for Income

Real Estate Brokers Turn to Managing Properties

Posted on 27. Jul, 2010 by Jonathan Brownfield in News

The real estate market, as everyone knows, has been on the decline for years. The real estate industry is looking into other niches to make up for lost revenue; one of these niches is residential property management.

As home sales crawl along, property owners are putting their homes up for rent and tasking their realtor with managing the property and keeping their tenants happy.

According to Scott James, Bay Citizen real estate columnist, real estate agents and brokers have gained significant ground in the representation of rental properties in metropolitan regions around the United States. He found in San Francisco, for example, that 72% of North Beach and 82% of South of Market area rental listings on Craigslist were posted by brokers or agents.

“We are seeing a shift in more metropolitan areas. It could be the economy. With properties not selling, [property owners] want to rent them but don’t want to shoulder all the management tasks,” says Gail S. Phillips, the executive director of the National Association of Residential Property Managers in an interview conducted by Venessa Richardson of HousingWatch.com.

Source:
http://www.housingwatch.com/2010/07/26/real-estate-agents-grab-for-rental-listings-as-sales-stagnate

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