Due to their similarities, property management agents and real estate agents tend to be confused with each other. Some people even assume that they’re the same thing. However, even though they both work in the real estate market, there are certain differences in their duties.
As a real estate investor, it’s vital to understand what sets the two apart. If you don’t get the right agent, you won’t be able to get your desired results. For instance, if you were to get a real estate agent to manage your South Florida property, that would be a recipe for failure.
In this post, we’ll take a look at who a property management agent is, what they do differently from a real estate agent, and more.
What Does a Real Estate Agent Do?
In its most basic sense, a real estate agent (also known as a broker) shows the property to potential buyers. A real estate agent assists you in the process of purchasing or putting a property up for sale. They will use the Multiple Listing Service (MLS) to search for properties in your price range. Or if you want to sell, they will schedule showings and guide you through the process, all the way through to closing.
Don’t Confuse a Real Estate Agent for a Leasing Agent
The responsibilities of a real estate agent and a leasing agent tend to overlap, but it’s important to note that their roles are not entirely the same. Although a real estate agent can show a rental property to potential tenants, they’re generally concerned with selling residential properties. Leasing agents or rental agents have a very specific role – that is to place tenants and aid landlords in finding tenants for their rental properties.
What Does a Property Management Agent Do?
A property manager manages every element of the property once you’ve purchased it. Although some property managers can be concerned with selling the property, their main responsibility is property management. They’re who you should work with once you’ve signed the contract to purchase the property.
Property management agents can manage a variety of property types, however, they mainly manage residential properties and residential rental properties. The former covers properties that you, the homeowner, live in for the whole or part of the year. The latter, on the other hand, refers to real estate investments that are meant to make money.
What’s the Difference Between the Two?
What sets the two apart is that one comes first, while the other comes after. Generally, the real estate agent comes first to assist you in process of acquiring the property. Then, once you’ve purchased the property, the property manager steps in to make sure it’s properly managed – this includes repairs, maintenance and upkeep, tenant management, and more.
Can a Property Manager Act as a Leasing Agent?
It’s not uncommon for a property management agent to assume the duties of a leasing agent. Many property management companies already cover the time-consuming task of marketing the property to potential tenants.
If you’re wondering who to work with between the two, it would be best to partner with a property management agent. This is because leasing agents are generally concerned about a commission – in other words, it’s not their problem if they end up placing an irresponsible tenant on your property. If you do have problems with your tenant, you’ll have to deal with those difficulties on your own.
Property management agents are accountable for the property even after they’ve placed a tenant. Not only is their reputation on the line, but they’re aware that any problems that tenant brings will be their problems, as well. They’ll be the ones taking care of the property, so they’ll be more likely to look for a good, trustworthy tenant.
What Does a Property Manager Do?
A property manager covers a variety of property management tasks, from screening potential tenants to staying on top of property upkeep. Their usual to-dos include collecting rent, managing tenant complaints, conducting regular inspections, and much more.
When you partner with a property management firm, you’ll be able to tailor their responsibilities to your property’s day-to-day needs. For instance, if you own a short-term rental, you may want to work with a company that provides concierge services for your guests. Property management services vary, so be sure to discuss your needs in detail with them.
Why Hire a Property Manager?
Working with a property management firm can benefit you in more ways than one. Here’s what you can expect when you enlist the services of an expert property management company:
- They’ve been in the business for a long time, giving them the knowledge they need to manage your property properly. Property managers are also well-versed with the law, allowing you to avoid litigation.
- Tenant Management. Property managers are pros when it comes to communication. Not only will they be your point of contact for tenant-related concerns, but they’ll also make sure tenants get along with one another, particularly in multi-family properties.
- Self-managing your property can be challenging if you can’t commit your entire time to it. That’s what property management agents are for – they’re here to take on your tasks.
- One of the best benefits of working with a property management firm is freedom. You’ll have more time to spend on the matters that matter to you, whether that’s spending more time with your family, or focusing on purchasing more rental properties.
- If you don’t want to deal with complaints in the middle of the night, it can be beneficial to partner with a property management company. They’ll be available 24/7, seven days a week.
Find a Property Management Agent in South Florida
A property management agent will not only find a suitable tenant for you, but with them by your side, you can be certain that your property will be in capable hands.
At Luxury Property Care, we are a full-service property management company that serves greater South Florida. We provide expert care to luxury real estate, from single-family homes to multi-family properties. Contact us today at (561) 944 – 2992 or complete our contact form for more information.