Victory Real Estate (VRE) was created in 2004 near the beginning of the real estate boom. The plan was conceived by founder Ralph Hunter (RE) who had been working as the manager for Victory Beach Vacations, a vacation rental company in Carolina & Kure Beach NC. With a purely technology background that included many corporate marketing clients, Dell, Gateway, and Camp Lejeune information technology support contracting. One of RE’s largest consulting clients was a vacation rental management company in Carolina & Kure Beach as web designer and marketing director. Spending an ever increasing amount of time in the office he began to pick up additional responsibilities such as cleaning and maintenance management, to shaping check in/out policy and procedures. This experience provided a fast track to learning the business of property management as over a thousand turn overs were processed each year. During this time and hungry for knowledge, RE picked up duties as sales assistant and marketing director for an experienced land developer and powerhouse in the beach real estate market. RE’s experience with personal real estate investments and growing up the son of a builder provided the opportunity for an amazing partnership. At this time Victory Real Estate began to form. RE earned his Broker in Charge license and began handling real estate sales in response to the booming market. Dealing strictly with investors, Victory specialized in rehabilitating dilapidated beach properties and turning them into vacation rental income producers. Victory became widely known as the beach investment experts and worked with dozens of agents as consultant on rental income evaluation, rehab expenses and contractors, and rental marketing for new beach owners. Highly involved in both the sales side and management gave Victory a 360 degree real-time view of the real estate market other brokerages fail to capitalize on as a result of either marginalizing rentals due to their desire to sell instead, and/or completely separating the two specializations. This also held their feet to the fire as the same agents that were selling the home were also directly responsible for delivering on the rental income that was utilized when preparing the investment analysis pre-purchase. It is for this reason Victory earned a reputation as one of the most conservative sales brokers in New Hanover County despite the blind optimism that had gripped the industry. In fact, as early as 2006 Victory commonly discouraged most inexperienced buyers as it eventually became impossible to justify sales prices given the rent to be expected. Despite the potential for huge profits, this created a serious issue for a sales brokerage. Sellers were skeptical of the doom and gloom urging to reduce and unload as soon as possible, and taking advantage of trusting buyers was out of the question. By early 2008 just months before the largest real estate collapse in a lifetime, Victory had renounced sales altogether and focused 100% of its efforts on long term rental management.
Would you like to discuss having a professional manage your rental property? We can quickly provide a cost quote, or virtual rental evaluation to nail down potential income.
Was this info helpful? We have tons more free landlord assistance ebooks culled right from our local, in the trenches experience! Download now with no obligation.