Alex Vasquez is the owner of Rhino Realty Property Management and Rhino Realty B&B, entrepreneur, investor, advisor, author and speaker.
The world of property management is so versatile—there is literally something for everyone. This diversity of options in the field has kept me motivated and excited over a long career. Long-term and vacation rentals are the more obvious and traditional route to building a career as a property manager, but they aren’t the only options available.
If you want to make a name for yourself in a niche market, are looking for a new, fun direction or are trying to diversify, I have some more out-of-the-box ideas. I’ve tried vacation rentals, started a maintenance company and have delved deep into AI—here are some other ideas that might just be your next passion project.
Co-Living In Single-Family Homes
There is also an opportunity here for existing property managers to jump in and handle the complex management associated with co-living. Differentiating yourself as knowledgeable in handling the tenant dynamics, security issues, financial complications associated with many tenants being responsible for a single rent payment and the increased communication demands could be a great niche for the right property management professional.
Though it’s not for everyone, there is a new generation of urban professionals interested in community-oriented living spaces. Co-living is a more structured way of having roommates. Rooms in a house or building are rented out, but the living spaces are communal. In addition, co-living spaces typically offer more amenities that foster community—things like co-working spaces, space for outdoor socializing and even cleaning services.
Subscription-Based Housing
Membership models work for everything from gyms to newspapers, so why not housing? In apartment membership models, renters pay a monthly subscription fee and have access to a network of furnished rentals in different locations across the country. Lease terms vary but are typically between two weeks and six months.
If you have properties across the country, you could set a network up on your own. But, if that’s not the case or if you want someone else to handle the logistics, there are services that will manage the process for you.
Local property management is needed to manage all of the properties that are part of these systems, so if you’re interested, search for subscription-based housing in your local area to see if you can break into the management of these high turnover properties. Skilled, professional property managers are invaluable to these companies.
Rent-To-Own Management
This option isn’t as new as some of the others, but it’s a more traditional property management role since it relies on contacts, paperwork, leasing and marketing to find tenants. But in this scenario, the tenants are typically people who are interested in owning a house but may not have the credit rating or down payment necessary.
Choosing rent-to-own can result in more money for the same property and you could attract higher quality tenants who are invested in the property.
‘Try Before You Buy’ Rentals
Similar to rent-to-own, you can cater to hesitant home buyers by renting out single-family homes with an option to buy the property after a certain time period. This allows the renters/buyers a chance to test out the neighborhood and the house before committing to the purchase.
While there is some risk if they decide not to buy the house, I’ve found most of the renters will end up buying the house. Property managers in this space need to understand both rental and sales processes in addition to the specific laws around renting to own.
Detached Accessory Dwelling Units (ADUs)
Detached accessory dwelling units (ADUs) are a fancy name for granny flats or tiny houses. These units are often on the property of larger houses that may or may not be rental properties themselves. This could be a great option if you own or manage a property with extra space or a second living space already on it.
Depending on your area, this can involve a lot of work with zoning boards and regulatory offices, so many property managers avoid getting into the space. So if you are willing to do the work, there could be opportunity to fill a need in the market.
The rental market is quickly evolving, and every new opportunity comes with its own challenges. For property managers willing to explore new models, there are so many new and up-and-coming opportunities to carve out a niche for yourself.
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