My husband John and I own a property management company in our town.
We have been doing property management for 5 years now and we have grown to love it. We manage both residential and commercial properties for our clients. In addition to our property management company, we also own two properties that we rent to different tenants. As with any business venture, being property owners has its advantages and disadvantages. For instance, we must be aware of all the current fair housing laws that govern our area to make sure that our tenants are always treated fairly. Furthermore, we must know what actions are legal when we do have tenants who might become an issue. Of course, renting a property can become challenging if you can’t retain your tenants. The goal of any property manager is to find a great tenant who pays the rent on time and who doesn’t destroy or create issues that would cost money for the property owner. Also, we would prefer to always have tenants occupying our properties, so that we don’t have to cover the rental costs for when the property is empty. Currently, all our tenants seem content, and I am happy to say that we have a very high tenant retention rate. My husband and I would like to continue to grow our property management company, and we would eventually like to add commercial properties to our portfolio. We believe tapping into the commercial market will elevate our property management company and we are more than excited to venture into the next level of this business.