Accidental landlords boost demand for property managers IOWA CITY, Iowa – June 10, 2013 – Chris Wilcoxon and his wife weren’t in a good position to sell their house near Iowa City, Iowa, when they moved to Woodbury in 2011. Like many Americans whose home values have languished, they would have had to come up with thousands of dollars out of their pockets for closing costs and commissions -- money they did not have. Fortunately, there was another option: Hire a management company to find rental tenants and look after the property. “It’s a moneymaking investment now,” Wilcoxon said. “I’m happy we did it.” The housing bust that left millions under water on their mortgages has been a boon for rental property managers who can help owners avoid selling at a loss and even squeeze some cash out of a home. The number of property management companies in the Twin Cities has grown from a handful to more than 20 in recent years, and the trend is similar in other metropolitan areas. Renting became so popular that many Realtors took on a sideline rental business. The property managers say they are well-positioned in a housing market where many homeowners are reluctant to sell and potential buyers remain skittish about investing in real estate that can lose 30 percent of its value in the blink of a recession.
Posted on: Mon, 10 Jun 2013 20:17:53 +0000
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