I should've left property management sooner
Real Estate Connect Speaker Profile: Rob Massey Jr.
By Inman News, Wednesday, July 16, 2008.
Rob Massey Jr.Rob Massey Jr. is founder of RentalHouses.com and also consults for Rentals.com.
Massey's background includes working in the property management business before launching RentalHouses.com after seeing the need to connect renters with rental properties online.
He says the hardest part of the journey was convincing property owners to advertise online.
Massey will speak at Real Estate Connect in San Francisco, July 23-25, 2008.
Register for Connect SF '08 Now!
He answered a set of questions posed by Inman News:
What do you see happening in the real estate market in 2008?
The rental market will continue to rebound, and the sales market is hopefully approaching the bottom of the market in most depressed areas around the country. In steadier markets, slow progress is likely to continue so long as interest rates remain low.
What advice do you have to help real estate agents and brokers get through this market?
Use this slow period to sharpen your tools. Focus on the basics. Keep up your education. Try new tools and make the most of your free time.
What was your first job?
I had a grass-cutting business when I was 14.
What sparked the idea to start your company?
The need for a tool better than the newspaper classified ads.
What's been your biggest challenge in running the business?
It was convincing older persons who owned real estate to use the Internet to market their properties. The renters who are generally younger people were already searching for properties on my Web site, but the property owners were slow to get it.
If you had one thing to do over again in your life, what would it be?
Get out of the real estate property management business sooner to seek better opportunities.
What style of home do you live in and when did you buy it?
I have lived in a condominium since I became single, and I often travel. I bought it in 2002.
What worries keep you awake at night?
Nothing worries me at night. Life is good!
What lesson did you learn in the last year?
That the federal and state governments through taxation have removed a significant amount of the incentive to fulfill the American dream of rapidly growing a company and selling it.
What would your second career choice be?
A television meteorologist.
What kind of music do you listen to?
Soft rock, hard rock, pop, easy listening and a little country.
Who is your hero?
My father.
Hear Massey speak at Real Estate Connect in San Francisco, July 23-25, 2008. The conference program and registration are available online via the Connect Web site.
***
What's your opinion? Leave your comments below or send a letter to the editor.
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
You must login or register to post a comment.
Submitted by Mike Watson on July 16, 2008 - 8:36am.
Interesting article. I find it curious how you say that you expect the rental market to continue to rebound, but you say you wished you would've gotten out of property management sooner.
Here's how I see it. If the rental market is improving, now is a good time to be a landlord! The rental properties that I own (and that my clients own) are performing great right now, and I see a very bright future for owners of rental properties. I think the profitable rental market outlook is due to a number of reasons:
1. No sub-prime mortgage market for less than perfect home buyers
2. Record numbers of foreclosures turning home owners all over America into 3+ year tenants
3. Low unemployment in most markets
4. Low interest rates for apartment complex buyers
5. Difficulty getting new construction loans for new apartment houses
6. Positive population growth in most major metropolitan markets
7. Abundant seller financing opportunities
8. Falling sales prices on most types of properties, including multi-family units, around the country
9. Low numbers of new housing starts
These factors all add up to an incredibly profitable real estate market for those who own and are purchasing multi-family income properties.
I'm thrilled that I'm in property management right now!
Mike Watson
Mike Watson Investing
www.MikeWatsonInvesting.com
Submitted by Rob Massey on July 22, 2008 - 2:06pm.
Hi Mike. Thanks for the post. My comment about wishing that I had gotten out of property management sooner only related to my personal need to be involved in a business of greater interest to me. I had been in the business for years and had grown bored with property management. My exit from the business preceded the sales market turndown and was completely unrelated.
I agree with your very well stated reasons for the outlook being bright for rental property owners and property managers. Good luck in your pursuits!
Rob Massey, Jr.