Property Grunt

Monday, October 16, 2006

Real estate chatter: Rentals market sucks ass

The Grunt has heard on the wire that a manager of a very well known rental firm has voluntarily stepped down. Apparently the new owners of the company are compeletly clueless of how the rental market works and have been squeezing their managers to make ends meet in this goatf**k of a rental market.

So now this manager has had enough of their bulls**t and has decided to become one of the unwashed masses and go back to being a broker. There are many benefits of being a manger which include a salary and getting a percentage. But you are also the designated sphincter which means if your office isn't making any money well then as the designated sphincter you will get reamed. Apparently this manager has had one too many prostate exams and has decided to take his chances on his own. He may lose his salary but he has probably amassed enough listings to keep him afloat for a very long time.

What I find a bit alarming is that this manager helmed one of the highest closing offices this rental company. He would often go over the quota for NYT and when marketing would piss and moan about him being over the budget, he would shut them up by offering to pay for it out of his own pocket. And even when the rental season ended, he would not accept that as an excuse and demand that his agents make deals.

It had been said amongst his agents that the only way he would ever step down from being a manager was when somone called a hearse for him. So if a warhorse like this manager is leaving then the rental market must be beyond atrocious.