We have a very robust rental market in Central Virginia....many area home sellers are being transferred to other locations for employment and leaving un sold homes to be rented by local property managers and sometimes their unsuccessful selling agent.
With this increase in rental home inventory, why have only 1.5 new property management firms been created over the last several years? One firm is actually a long-time home builder who has accummulated a rental inventory of several hundred duplexes over the years. They have stopped building homes, laid off their workers except for a slim staff who deal with their rental units. The second firm is actually 2 gentlemen who I have known for years and who started their own property management firm 2 years ago. I am mentoring them with forms, software, procedures, etc. and they have accummulated almost 100 units in less than 2 years from scratch. After I choose the properties I get prospect calls on, I refer callers to this new firm which has greatly increased the property inventory.
If I am getting 3 to 4 calls for prospective owner clients with no yellow page ad, virtually no newspaper advertiging and few rental signs out as most of my properties have rented, I suspect that these client prospects are finding me from my daily listings on CL.
I can only imagine how quickly someone who has a modest advertising budget, knows how to farm for rental property owners and has basic knowledge of VA landlord-tenant laws could establish a property management firm in the current housing market.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous