Why Do Some People Loathe Real Estate Investors?
Okay, besides that whole comparison to used car salesmen and such. I’m not really talking about the image, I’m talking about the reality.
Yesterday, I was talking to someone in a casual setting in a public place. They asked what I did for a living and I told them. I didn’t mention investing at all in any way. Then they started talking about how bad the economy was and how tough it is for them to make ends meet each month. I asked what they did for a living and they told me they were unemployed. I asked what skills, training or education they had and they said they had a high school diploma and some college. I asked them what they really would like to do and it was basically do nothing and get income each month like their rich landlord does.
I mentioned that the profit margins on rental property were rather thin and the reaction was like I called their baby ugly.
The wealth envy was so thick you could cut it with a knife!
They ranted on and on about how the landlord had no heart and expected their rent on time even if they didn’t have it. My eyes glazed over and I was looking desperately for a way to get away from this person.
Then the more I thought about it I realized it isn’t really their fault. They have no idea they are where they are because of their own actions or inactions at any given moment.
Then this morning I got an email from a former student and friend with this comment, “Do you think he knows this is his real target market?” It was a link to the comment section of a post at Housing Panic. The poster was railing against investors, his current landlord in particular and others while at the same time proudly proclaiming himself a smart renter. The ‘tard doesn’t understand if it weren’t for the landlords he wouldn’t have anywhere to rent. But, that is okay because he thinks government should control the rental market anyway.
I guess it is just an example of perceived wealth envy. The renters seem to think the landlords and landladies are all rich. Some are, most aren’t. Most are trying to make ends meet each month like everyone else. The difference is they have taken a step to be self-reliant in their retirement and that is probably what chafes people like that the most.
It is rather typical, throughout history people have often hated those they depended upon.
I hear you!
Imagine the shocked looks when my social acquaintances heard me speak that I have rental properties.
Do I get their friendships in the end? Yes.
Do I get their recommendations to have their friends/relatives to contact me as potential landlord? No. Why not? To avoid any potential conflicts. I’d say that is very, very smart.
But they do consult me with RE questions so it’s obvious that they trust me.
Not always but a good majority of the times, we have a waiting list. These potential tenants heard of us via word of mouth from ex-tenants or neighbors. We generally have long term tenants in spite of Auto-Renewal Month To Month Agreement and not a lease.
While we have been “good rating stars”, but it is still a slow process to change the society’s mind because the society still cling to the idea of the uncaring, do-nothing, filthy rich landlords.