Talk About a Bad Real Estate Market

I have never seen one property management company renting space from another one. I suppose it happens all the time but it sounds a little bit like me, a photographer, going to get a portrait made by someone else. Granted, in some professions it’s difficult to do work for yourself, such as dentist, proctologist or barber. Those ones I can understand knocking on someone else’s door. But for a property management company that needs to rent space?

Have you seen this sort of thing before?

4 Comments so far

  1. MattF (unregistered) on February 8th, 2008 @ 5:55 pm

    Conley’s the manager, not the owner– The owner of the office space hired Conley to manage the property, the tenant was Weichert. When Weichert vacated the space, it became Conley’s job to find a new tenant.

  2. Joseph LeBlanc (unregistered) on February 8th, 2008 @ 6:10 pm

    Mattf, that makes sense but still begs the question: wouldn’t you think that Weichert would have the wherewithal to negotiate a lease directly?

  3. MattF (unregistered) on February 8th, 2008 @ 6:20 pm

    Maybe they could, but a) they’d be screwing Conley, who has a contract with the property owner, and b) the property owner may not want to deal directly with tenants. For example, if the owner is a pension fund (like TIAA) or an insurance company, all they’re looking for is steady income and some long-term capital growth– not whiney tenants who know more about local real estate than they do.

  4. GlitrVamp (unregistered) on February 11th, 2008 @ 10:11 am

    It’s possible that the Weichert Property Management company only handled residential properties. There they would be working with investors who own residential property looking to rent to tenants in the residential sector. They might not have the knowledge to handle commercial property management because the laws are so different. This is usually true about Realtors as well. A Realtor you use to buy a home, may not the best one to help you with leasing a property for your business.

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