You know realtors or (real estate agents). You’ve seen their ads around. You’ve probably been to a house or two with them.
So what do they do?
A realtor is essentially a middleman between owners/properties and prospective tenants/buyers.
They can freelance for one or more real estate agencies or be their own boss. They have a large network of people and properties and often know folks in related fields (e.g. construction, urban planning, etc.). They are usually charismatic speakers and sales people. Their income is mostly commission-based, so they are competitive and persistent.
Here’s a key point: realtors focus on the short term. Once a match is secured by agreement, they receive a one-off fee (usually a percentage or month’s rent) and remove themselves from the equation. Should any issues arise - with the property (undetected damage), the agreement clauses or the tenant (bad payer) - they have no further responsibility.
So what does a property manager do differently?
A property manager stands in on behalf of the owner in various capacities. They represent the owner in legal matters and build a lasting relationship with them and everyone else associated with their investment.
- They make sure the property is structurally sound and improved via regular checks
- They screen tenants and make sure owners receive due rent promptly and in full
- They also broker additional services such as legal, accounting & insurance and stay on top of all your property-related obligations (representation & bills)