A recurring misconception about Northbrook property managers and real estate agents is that these occupations are more or less the same. But in reality, a property manager’s task is not the same as that of a real estate agent. While both jobs are closely related to the housing market, there are far more differences than similarities. Learning these differences can aid rental property owners to know who to call when professional expertise is needed.
To start, a real estate agent is a person who lists and sells properties for their owners. While some real estate agents specialize in assisting buyers to find and purchase investment real estate, the agent’s role is still centered on the sales transaction. The task of a real estate agent is dependent on the current housing market. As market conditions change, it is normal for real estate agents to find their business (and income) going up and down. There are times that real estate agents may help find tenants for a rental property, but their participation with the tenant and the property owner usually ends when the lease is signed.
On the other hand, a property manager focuses on helping property owners manage their rental properties. Each property manager can offer various services, but the bulk of their responsibility would be working on behalf of a property owner to oversee property maintenance and repair, tenant screenings, collecting rent payments, etc. A property manager is a contractual role wherein they are paid for their ongoing management services. This is different from that of a real estate manager. Property management is also not likely going to be greatly impacted by a shift in the housing market. In fact, property managers might observe that their workload would go up during market downturns as a lot of property owners turn to renting as another way to make income, rather than selling at a loss.
What Property Managers Do (And Real Estate Agents Don’t)
Beyond the fundamental differences between a real estate agent and a property manager, there are some tasks top-rated property managers do that real estate agent and other property managers usually don’t. Even though a real estate agent and most property managers will advertise rental property in order to find new tenants, not all of them will screen those tenants for potential red flags. After a tenant has been screened, a good property manager will begin building rapport with the tenant by having open communication and discussing the lease documents in a clear way. In addition, a good property manager will schedule and perform regular maintenance on a property and manage emergency repairs and tenant complaints.
Helping property owners analyze the local market, providing an accurate rental rate, and offering suggestions on how to maximize a property’s earning potential and your property’s resale value are some of the less common but valuable services that a couple of property managers give. Further, they may help you find and compare additional rental properties. They may even offer you properties that are not yet on the market. These are not common services among most property managers. Usually, only the top in the business will closely work with rental property owners to assist you not just manage property but build an investment business.
The Value of a Great Property Manager
Real Property Management is the country’s top property management company. The reason for this is that we can give a full range of services that rental property owners and investors need to reach their financial goals and dreams. Our experts will assist you in setting an accurate rental rate and keep costs down by using our preferred home services vendors. This is why most of our clients will say that value of our services far exceeds the cost. And these are great finds that you can’t find just anywhere else.
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