In the fight for servicing property owners, who is better suited for the job: property management companies or real estate agents? It boils down to the responsibilities performed and the timeline of expectations. We’ve parsed out the distinctions between the two to help you make your choice. By the end of this article, you’ll understand why property management companies are better partners for property investors.
Points of Duty
Both property managers and real estate agents have their own strengths. A property management company is a more comprehensive partnership and is focused on helping you make a long-term, sustainable profit off of the property you own. Real estate agents are better suited for get-rich-quick scenarios or fast solutions when you’re trying to buy or sell a home. Take a closer look below.
- Day-to-Day: Your property manager’s duties are all things managerial. Their work revolves entirely around your finances, including tenant relationships and property maintenance. From collecting security deposits to sending eviction notices, and scheduling inspections to coordinating repairs, property managers spend each day making your property profitable.
- Before and After Tenancy: A property management company completely takes over the planning piece of the renter’s puzzle. They conduct thorough background checks and ensure every step of tenant application is compliant with discrimination and fair housing laws in your area. Property managers will also draw up the lease and conduct move-in and move-out inspections. From there, they do everything to oversee a clean, quiet tenancy and market the property once its vacant. Then it starts all over again.
- Ongoing Tenant and Property Safety: Property maintenance can be labor-intensive and patience-exhausting. Property managers take on all maintenance coordination, whether it’s the dead of night or the middle of winter. They communicate property standards to your tenants, carry out periodic property inspections, act as the liaison for maintenance requests, and use their vendor contacts to repair the home promptly and efficiently. Property managers are your eyes and ears on the ground to help you stay on top of damages.
- Market Information: Your real estate agent’s primary goal is to sell or rent our your property, so they’ll know it inside and out. They’ll be well-versed in competitive market rates and they’ll know how to highlight the selling points of your property. While an agent seeks to finalize a sale, a property a manager can offer this expertise throughout long-standing tenant turnover. Your property will always be full and profitable.
- Facilitation: In sale negotiations, a real estate agent takes on the role of mediator between tenant and landlord. Like property managers, real estate agents also help to find well-matched tenants. You can be assured that they’ll work to get the best value for your home so they can earn a decent commission.
- Campaigning: A real estate agent will design and distribute promotional materials and use their market knowledge to advertise in communities where your potential homebuyers may be living. A property manager will also hit the ground running with marketing campaigns when a tenant intends to turnover.
So, which service has more returns on investment?
Real estate agents are your go-to for filling a vacancy. Property managers are your lifelong partner in homeownership. The comparison doesn’t always come down to a checklist – sometimes it’s the opportunity.
Consider these additional benefits of hiring a property manager:
- Power and Proximity: If you’d love to make a long-term profit off of your property but distance or the sheer number of properties you own is holding you back, a property manager can oversee everything while you’re anywhere in the world.
- Always On: Not everyone can be a landlord. If you have a day job, or simply prefer a hands-off approach to tenant relationships, a property manager can help to manage your people and your properties all day, every day.
- No Legal Issues: A property management company is an independent contractor, which means you’re not an employer. Which means no payroll. You don’t have to figure out what goes where, to whom, and why. Simply rely on your property manager to keep you informed and keep your property running smoothly.
Better is Best
Both real estate agents and property management companies can serve property owners well. But in the quest to seek out the best services, a property management company is your best bet. Whether your property is filled or vacant, property managers work round the clock to make problems a little less unforeseen and stress a little less inevitable. Talk with our service providers today to see how Real Property Management West San Fernando Valley can help you. Contact us online for more information.