Difference between property management and real estate agents
Property Management and the Tenants
Whether it’s a multi-unit apartment complex or a single family resident home, a property manager is a tie between the tenant and the owner.
Property managers work for the property owners. Although, they do have a responsibility to tend to the issues and needs of a resident of the home or apartment.
For one, they have to make sure that everything is in working order. Rearrange or repair certain amenities, such as making sure the heaters are working in the units being rented. Also, if the stove is working, if not, the property manager must inspect and fix it.
Whether it’s a broken fixture outside, or a busted pipe in the basement, the responsibility does land on the property manager.
Budget friendly; or not? Property Managers should know how to budget
Based on the market, the property manager should be aware how to set a marketing rental rate based from this. In other words, they should understand how to handle setting the right and justifiable rental rates for their customers or prospects. Also, the location of the property is also a big deal for the property manager.
“Property managers should also know the current rental rates for other areas of the property as well.” comments phoenixpropertymanagementcompany.com‘s very own Ronda Barker. “Having a good connection with other realtors to promote a likable, real estate campaign for great marketing purposes is common. Their programs should reflect this.”
Another element that managers are well versed at are the profits and losses, applicable taxes and real estate budgeting, along with sound financial reporting.
Based on the right screening, the right interviews, and the proper reference checks, property managers need good tenants which is the primary element in managers of real estate property. Also, the past rental history of an applicant will be checked as well.
The primary goal for any property manager is that they have their rental properties occupied. So, in retrospect, they need to have a great relationship with that of the tenants.
If for example, a tenant is not duly responsible for living in the property that he/she is living at, such as paying rent on time, cleanliness, and upkeep of their living quarters, the property manager can evict them. This is the downside to being an agent for property owners.
Other duties property managers have
Property managers keep budgets of the subcontractors and repair companies. They invoice, and clean, they maintain, and fix, they manage the property “well-groomed” and keep the rental property ‘beautiful and tidy’.
Keeping the tenants and the property owners satisfied. They are also meticulous or they should be. Keeping up with the laws of compliance in real estate when it comes to local, state and federal real estate regulations is a plus.
The liability issues can be addressed as well as recording the daily or weekly activities and tenant communications and their interactions are strictly required in order to protect the property owners as well as the property managers.
They should understand the renters and they should look after the property of the owners at the same time. This is valuable for any property owner. They have to keep everyone happy.
Real estate agents and their duties
A real estate agent sells and rents out land, apartments, houses, offices, buildings, etc. and with that in mind they are technically the unique compared to the property manager.
Every day is different for a real estate agent. It is very challenging compared to the rental management duties. Also, depending on the skills of the person who is considered a real estate agent, the typical day is unique because of the many challenges that an agent will face during the day.
A good real estate agent will have to keep up with the trends, as opposed to the manager of the property, a real estate agent will know the industry’s news as well as the regional market activity.
They should also keep up with active, pending and even those property that have sold within the activity reports of real estate properties around the local and private sectors.
Here are some other duties that a real estate agent does as opposed to the property manager:
- They complete, file, submit and tract real estate docs as well as contracts and agreements. This should be up to date with the property of state agencies and local real estate laws.
- They coordinate open houses and meetings for their customers or clients and other real estate agents.
- In order to sell property, they have to develop strategic marketing plans. The listings and create marketing materials for the promotion of the real estate property.
- Updating websites such as their real estate websites and blogs is a big factor in the promotion of their property.
To focus on more revenue and generate more broker experience, real estate agents have assistants or office managers to help them.
Keeping clients happy for both real estate agents and managers alike
Both, real estate agents and property managers, regardless, have to keep clients happy. They both have to keep up with the trends of the real estate market. They also have to make sure that everything looks and is positive for both the clients as well as the owners of the property. Besides, they are selling themselves as well and with this in mind, keeping up with the times in real estate is a huge factor in the business.
Finally, knowing that the market is fierce, real estate agents and property managers should know the local real estate niche they are in.
Effective marketing, good relationships with other realtors and managers, as well as keeping up with real estate trends are a huge bulk of a good marketing strategy when in the real estate business whether you are the realtor or the manager.