Why I love SFR
Join Auben at IMN to learn how SFR can ensure you stay relevant in today’s rapidly changing market cycle.
I love single family rental property, also known as SFR.
When I started in real estate in the fall of 2005, there was no such thing as SFR. Single family activity included house flippers who would become content for HGTV. And then there were landlords who owned a couple of houses they rented out—and, if you were lucky, they also kept the homes maintained.
There was no such thing as prop tech. And institutional capital did not even consider single-family could be a viable asset class capable of being managed at scale.
The concept of intentionally-owned, professionally managed single family rental property was non-existent. Everywhere.
Even more amazing was how few professional real estate people were willing to consider focusing on single family rental sales or management. Consistently, I encountered residential agents who did not want to sell inexpensive homes. And commercial agents who believed that the smartest money in the room would always be in commercial.
All I could see was opportunity. An absolute, unbelievable amount of opportunity in an extremely stable asset.
What I didn’t see (initially) was how extremely variable and hyperlocal SFR would be. And what a challenge it would also be to standardize and organize. A challenge made infinitely greater before the arrival of viable tech. There were definitely times when I questioned my vision. However, a quote from the late, great Sam Zell references a freedom of thought I was fortunate to have about SFR from day one.
Zell said of his career in real estate,
“I think I’ve been very successful because one of the freedoms that I have achieved is freedom of conventional wisdom.”
Globe Street shared their thoughts about Zell here.
After 17 years in SFR, my belief in the viability and resiliency of SFR has only increased. And I look forward to interacting with many like-minded professionals at IMN in Miami this week.
Check out the experts who will be on a panel I will be moderating on Tuesday, May 23rd, at 8:25AM.
And look for Auben team members speaking at IMN at several other sessions:
- Alex Becker, Director of Operations will be speaking Tuesday, May 23rd, at 8:45AM.
- Courtney Wilson, Director of Property Management will be speaking Tuesday, May 23rd, at 4:15PM.
You don’t have to go to Miami to learn about SFR, join Auben Augusta at our next Real Estate News and Market Moves meeting on Wednesday, May 24th, led by Cole Thompson. Or, join our Addicted to Investing Book Club on Wednesday, May 31st, as Cindy Price leads us discussing our next book: Smart Brevity.
Some things you need to know to grow, below: