Press Release

Property Management Helps Keep Real Estate Broker Afloat

(Boonton, NJ, July 15, 2009) — In a difficult market, Jack Meeks has diversified his company, Real Estate Professionals of America in Casselberry, FL, by aggressively expanding property management.

"We've always had a small property management department, because we wanted to be able to accommodate all of our clients," Meeks says in the July 15 issue of industry newsletter Real Estate Broker's Insider.

But with prices slumping, Meeks saw opportunity in the property management side of the business.

"There were hundreds of properties people wanted to sell and couldn't get rid of," Meeks says. "So we started trying to convince them that they would be better off financially if they would keep their properties and lease them out."

Real Estate Professionals now manages about 230 properties in the Orlando area. The company typically charges landlords 10 percent of the rent it collects.

The revenue from property management fees has offset the sharp downturn in brokerage commissions, and it has allowed Meeks to keep all five of his staff employees.

One of Meeks' secrets to success is regular inspections of rental properties. This face-to-face contact with renters provides an opportunity to discuss their options for homeownership Meeks tells Real Estate Broker's Insider.

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