Good news for Property Managers. The Federal Government, specifically FDIC, has now provided guidelines for banks holding huge amounts of foreclosed property to rent those properties. The banks are required to establish policies that must be approved by FDIC or other appropriate agencies prior to initiating a rental program.
With so many properties held in bank REO inventory, this presents an opportunity to Property Managers to significantly increase their business. As is the case currently with other vendors servicing the banks’ foreclosure inventory, the Property Managers will be selected by “middle-men” hired by the banks to function as general contractors, engaging local firms to service the bank’s property needs.
How to gain a foothold in this promising opportunity? Find out who the ‘middle-men’ general contractors are and convey to them your interest and qualifications for managing bank owned rental property.
Though property management is a very challenging business, it offers the opportunity to be very lucrative without a burdensome expenditure of start up capital.