How many times have I been labelled a real estate agent? Countless! The real estate and property management industries are often lumped together as there are many crossovers, but it’s important to understand the different services they provide. So, I wanted to use this blog to clear up how my services as a property manager differ and explain how your investment can reach new heights when you hire the right person.
Who does what? Real estate agent v property manager
Both can serve a great purpose for finding your dream home and are experts in their fields, so this isn’t about who’s better! However, a real estate agent deals with listings and selling properties on behalf of property owners and uses their expertise to market and sell the property to achieve top dollar for their client. If you are buying from a real estate agent, they will present a selection of properties based on what your needs are and demonstrate good knowledge of the market so you pay an appropriate price. It’s known as a transactional relationship as once the property is sold or bought, you might get a bottle of champagne and then they’re on to the next client.
Property managers on the other hand, get to work once you’ve purchased the property. I see it as a much closer and longer relationship with my clients, and one which I put a lot of time into. We deal with all management aspects of the property on behalf of the owner, including maintenance, repairs, sourcing tenants, dealing with tenant issues and more. Essentially, we provide peace of mind for the property owner as we look after all the details of their investment, big and small, and then tend to the needs of the tenants. A happy tenant equals a happy owner!
Why choose a property manager over a real estate agency offering similar services?
It’s true, real estate agencies do often provide this service but there is one key difference when you engage a dedicated property manager. In an agency, there is a good chance you will be passed around depending on who is available to respond to your query or your tenants’. It’s a lottery that all too often leads to inconsistent service…
When you have a property management specialist, you receive one point of contact who is dedicated to ensuring your investment grows in value, that it is well-tenanted, maintained beautifully and the rent is paid on time, every time. If you are serious about your property portfolio, hire a good property manager for consistent, high quality service, expert advice and a serious reduction in stress.
Ok, I need a property manager stat… How do I find the right one for me and my investment?
Before choosing a property manager, I recommend doing your research as ideally it will be a long (and wonderful) relationship! Look for a specialist in the area with abundant experience in the property investment industry.
Once you have found some potentials, treat it like an interview process and ask the right questions. Find out how many years’ experience in the industry do they have, ask their process for screening and selecting tenants, and check what their recommendations are on reducing risk and increasing returns. Once you have your answers, you should feel comfortable and assured you’re making the right choice!
If you need any further clarification on how a good property manager can maximise your investment and really make your life a whole lot easier, give me a call on 0402 888 550.