Try to picture if you can your professional property manager racing out on a repair call Sunday afternoon to fix the handle on Sally Mae’s toilet. Nothing serious…the handle just broke off and the lever fell down inside the tank. You can see the flapper chain lying in a coil right there on the bottom. It’s easy to fix, but still, Sally and the kids can’t flush. Naturally all the grand kids are there on Sundays. She needs help right now or she’ll never speak to the owner again. That’s you! I’ll make you a little bet if that toilet ever flushes before Monday morning then an owner went over to fix it. That’s proprietorship.
Operating rental properties and dealing with tenants are inseparable parts of landlording. I owe my real estate success to my landlording skills. Some folks argue that professional property managers get paid a handsome percentage of the gross rental income to relieve owners of this thankless task. So what’s the big deal, they say?
Proprietorship is the “big deal”. No one shares the same level of motivation like the owners. Remember, its owners who borrow money against their homes. It is owners who invest their entire life savings trying to make a better life for themselves and their families. Owners have a much greater interest in their own success than anyone else. That’s what proprietorship is about. Management fees paid to others simply won’t buy it.