Are You Classic or Romantic Property Investor?
May 30, 2018
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torcycles, our staff at Austin Fleck Property Management in Gilbert, AZ has discovered a metaphor for two different types of investors we’ve met through our years in the business of property management. These two kinds of investors have two contrasting approaches to caring for their rental properties. Read on; you’ll soon figure out which method works better in the world of property management.
2 Men, 2 Motorcycles, 2 Very Different Approaches
In 1974, Robert Pirsig published torcycle Maintenance: An Inquiry into Values. It was a widely known book that used the metaphor of a motorcycle road trip to explore the concept of quality. During the journey, the author and his riding friend encountered numerous issues with their motorcycles—including flat tires, engine problems, and broken parts.
- The author’s approach to repairing his vintage bike was to learn as much as he could about the problem and do the repair himself, using logic and reason.
- His friend’s approach to repairing his new, more complex motorcycle was to find a professional mechanic to do the repairs for him.
The narrator referred to his friend as a Romantic, while he called himself a Classicist.
Are You Classic or Romantic Property Investor?
Both classic and romantic investors seek quality rental property investments. They both do the necessary research into property values and trends, study the average return on investment of similar properties, decide if the property fits their investment goals and follow through with the purchase. However, after that point, their paths diverge.
The Classicist will have the goal of doing everything himself. Even if he’s never used a hammer or a wrench, he’ll do all the repairs necessary to make his home ready to rent. He will determine what makes a good tenant and try to qualify each interested party. He may even go online to find a suitable rental contract and have it notarized. He will try to keep up with all the legal requirements, disclosures, registrations, and the multitude of taxes involved in owning a house for rent. Then, when the tenant moves in, the classicist will need to deal with every problem that arises. Everything from maintenance and damage repairs, to pest control, to collecting rent, to possible eviction proceedings: it all falls into his lap of responsibility.
The Romantic, on the other hand, will understand that perhaps managing a rental property is far beyond his experience and ability. He wants to see a good return on his investment, but he knows that if he has to handle the day-to-day operations of management, he will soon find himself drowning in details for which he has no problem-solving interest, time, or skill. Instead, the romantic will pick up the phone and call Austin Fleck Property Management.
We’ve Been Down That Road
We have spent decades learning the art of professional management of rental properties so that you can have a successful real estate investing experience. We are the Classicist your inner Romantic has been looking for; we handle all the details for you so that you can enjoy the fruit of your shiny new acquisition. Call us at (480) 361-6105. We’ve made rental property management an art form you will love and appreciate!