A prevailing misconception regarding property managers and real estate agents is that these occupations are more or less similar. But in actuality, a property manager’s role is significantly different from that of a real estate agent. While both professions are usually tied to the housing market, there are far more differences than similarities. Grasping these differences well can help rental property owners know exactly who to call when professional expertise is necessitated.
Key Differences
Factually, a real estate agent is someone who lists and sells properties for their owners. While multiple real estate agents are experts in helping buyers find and purchase investment real estate, the agent’s role is still focused on the sales transaction. The job of a real estate agent depends fully upon the current housing market. It is prevalent for real estate agents to see their business (and income) moving up and down as market conditions change. Occasionally, real estate agents may help find tenants for a rental property, but, mostly, their involvement with the tenant and the property owner often ends in the event that the lease is signed.
On the flip side, a property manager focuses on helping property owners manage their rental properties. While each property manager will bestow distinct services, most will usually work on behalf of a property owner to tackle property maintenance and repair, tenant screenings, collecting rent payments, etc. Distinct from a real estate agent, a property manager is a contractual role in which they are compensated for their ongoing management services. Property management is, in addition, much less likely to be badly affected by a slump in the housing market. As a matter of fact, property managers may find their workload amplified during market downturns as more property owners turn to renting as an alternative to selling at a loss.
What Property Managers Do (And Real Estate Agents Don’t)
Besides the basic differences between a real estate agent and a property manager, there are other things that top-rated property managers perform that real estate agents (and even other property managers) simply don’t. As an illustration, while a real estate agent and certain property managers will advertise a rental property to find new tenants, not all of them will carefully screen those tenants for likely red flags. By the time a tenant has been screened, a really good property manager will get moving with establishing rapport with the tenant by creating open communication and clearly explaining the lease documents. An awesome property manager will, in like manner, schedule and perform regular maintenance on a property and resolve emergency repairs and tenant complaints.
Less common but practical services that a few property managers provide include helping property owners analyze the local market, establish a sure and correct rental rate, and offer suggestions on maximizing a property’s earning potential and your property’s resale value. They can furthermore help you find and compare additional rental properties, some of which may not even be on the market. These are not usual services among various property managers; commonly, only the excellent ones in the business will work closely with rental property owners to help you monitor and manage a property and build an investment business.
The Value of a Great Property Manager
One of the nation’s top property management companies is Real Property Management. This is due to the fact that we offer a large range of services that rental property owners and investors need to get their financial goals and dreams. Several of our clients perceive that the value of our services considerably exceeds the cost due to the fact that our experts will help you create an accurate rental rate and keep costs down by simply using our chosen home services vendors. These are not things that you will be able to actually find just anywhere.
To properly know more in regard to Real Property Management Bluegrass’s services in Lexington and surrounding areas, make certain to contact us online or call 859-684-2054 today!
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