A widespread misconception concerning property managers and real estate agents is that they are essentially interchangeable. Yet, a property manager’s role differs significantly from that of a real estate agent. While both professions are directly related to the housing market, there are far more differences than similarities. Knowing these distinctions can help rental property owners distinguish who to call when professional expertise is needed.
Key Differences
Technically speaking, a real estate agent is someone who lists and sells properties for their owners. Even though some real estate agents concentrate on helping buyers find and purchase investment real estate, the agent’s responsibility remains focused on the sales transaction. The task of a real estate agent is entirely dependent on the current housing market. It is natural for real estate agents to find their business (and revenue) moving up and down as market conditions change. In other circumstances, real estate agents may help find tenants for a rental property; however, their participation with the tenant and the property owner normally ends after the lease is signed.
On the flip side, a property manager focuses on helping property owners manage their rental properties. Even though every property manager provides unique services, the majority will operate on behalf of a property owner to manage property maintenance and repair, tenant assessment, collect rent payments, and more. In contrast to a real estate agent, a property manager has a contractual role in which they are paid for their ongoing management services. Additionally, a housing market is considerably less likely to have a negative impact on property management. Actually, property managers may notice their assignment upsurge during market downturns as more property owners opt for renting as an alternative to selling at a loss.
What Property Managers Do (And Real Estate Agents Don’t)
Apart from the basic differences between a real estate agent and a property manager, there are additional activities that top-rated property managers do that real estate agents (and even other property managers) simply don’t. For instance, while a real estate agent and the majority of property managers will advertise a rental property to find new tenants, not all of them will carefully screen those tenants for possible warnings. As soon as the tenant has been screened, an excellent property manager will begin establishing rapport with the tenant by establishing open communication and clearly explaining the lease documents. An excellent property manager will also schedule and perform regular maintenance on a property and deal with emergency repairs and tenant complaints.
Less common but important services that some property managers provide include helping property owners analyze the local market, set an accurate rental rate, and provide suggestions on maximizing a property’s earning potential and your property’s resale value. They can also help you find and compare additional rental properties, some of which may not even be on the market. These are not typical services among numerous property managers; normally, only the best in the business will work closely with rental property owners to help you handle 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 because we provide a comprehensive range of services to help rental property owners and investors achieve their financial objectives and dreams. Many of our clients feel that the value of our services far exceeds the cost because our experts will help you set an accurate rental rate and lower costs by utilizing our recommended home services vendors. These aren’t stuff you’ll find everywhere.
To find out more about Real Property Management Marble City’s services in Lenoir City and the nearby areas, contact us online or call 865-265-0535 today!
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