Is there a difference between a real estate agent and a property manager? A real estate agent brings buyers and sellers together, to guide the transaction along through all the necessary steps until the purchased is closed. They know all the pertinent laws and procedures that go hand in hand with property transactions.
A property manager is the connection between an owner and a tenant whether it’s a multi-unit property or a single family home. The manager works for the owner but is also responsible for tenant needs or issues. They make sure the units are kept in good condition, arrange repairs and make recommendations on renovations. But they also do much more.
Property managers are budget managers. They know how to set rental rates based on the current market, the location of the property and the current rates of other area properties. They may make marketing program recommendations, arrange special promotions and have strong relationships with area realtors to promote their sites. They are well versed in financial reports, profit and loss and applicable taxes and budgeting.
No property manager (or owner) wants a less than satisfactory tenant so they will carefully screen all applicants and make decisions based on interviews, references and past rental history. Occupancy is the goal and if a tenant is unhappy they may choose to vacate the property resulting in lost income so they create a positive relationship with the tenant based on good communication and prompt responses to their needs. The downside to any property manager/tenant relationship is that a manager may also be responsible for removing a tenant that proves to be an undesirable occupant.
If you’ve ever been a renter you probably seen the property manager doing the physical part of their job. They may be sweeping a front walk, rewiring a light or even painting. But property maintenance exceeds just fixing a broken doorknob. Property managers maintain relationships with landscapers, contractors and repair companies and keep corresponding budgets. Keeping a well-groomed and functioning property keeps both tenants and owners happy.
Property managers are financially savvy and keep meticulous records for the property owners. There are many reporting requirements not only for tax purposes but also to prove compliance with federal, state and local real estate regulations. Liability issues are also addressed with recorded activities and tenant interactions to protect both owner and property.
Many a real estate agent has considered becoming a property manager only to see just what they do and happily stick to their previous occupation. A good property manager is like gold. Gold that can keep tenants happy, fix a sink, use Excel, occasionally walk a dog, and show a property across town. All before lunchtime.
National Property Management Group Miami (Rent KC Management Group) has this kind of property manager. Our managers understand the challenges of the homeowner when they have to rent their property. They’ll look after your home as if it were their own, find the best tenant for your property and keep them happy. It’s all about relationships and we pride ourselves on the long-term type that keeps the owner/renter experience a positive one.