Real estate agents and property managers operate in the realm of real estate. While there are some overlaps in their roles, it’s important to note that asking the former to run your rental isn’t the recommended route. While it’s true that real estate agents may provide property management services, these services aren’t as all-encompassing as those offered by property management firms. If you’ve been Googling “real estate agents near me”, it’s about time to change it to “property managers near me”!
Below, we’ll discuss the key distinctions between property managers and real estate agents, tackling why the former is always the superior option for managing your Florida rental property.
What is a real estate agent?
A real estate agent is a professional who represents sellers and buyers in the purchase or sale of a property. With their in-depth knowledge of the real estate market, they guide their clients in their transactions, acting as intermediaries. Among their many duties are listing properties for sale, searching for properties based on the client’s budget, negotiating sale terms, contracts, and prices, and many more.
Most real estate agents work on behalf of real estate brokers, but they may also work on their own.
What is a property manager?
Acting on behalf of the property owner is the property manager, who is tasked with a wide range of duties such as collecting rent and coordinating maintenance. Full-service property managers offer an all-around approach to property management, while partial property managers merely assist the owner with select tasks. In any case, property managers run a range of properties, which are often rentals and privately owned residences.
Property managers often work for larger property management firms.
Can real estate agents be property managers?
Yes, in some states, real estate agents may manage rental property, but only if they meet their state’s minimum requirements, like working for a real estate broker.
Why shouldn’t you get a real estate agent to manage your property?
While you can get a real estate agent to manage your rental, that doesn’t mean you should. Here’s why a real estate agent may not be the best person to oversee your investment property:
There may be a conflict of interest
Property managers are solely dedicated to managing your property. Meanwhile, real estate agents may be tempted to divide their attention among various pursuits. Remember, they’re real estate agents by nature. They will likely spend most of their time selling properties instead of focusing on yours.
When choosing who to hire, it’s crucial to consider whether or not that person is genuinely interested in the long-term growth of your investment. A professional property manager will understand that building a successful rental business typically takes time. Since they’re aligned with your goals, they’ll be willing to stay by your side for the long run.
They may lack specific knowledge of rental laws and the market
Real estate agents are indeed knowledgeable of the law and the real estate market, but their knowledge may not be what’s required. It’s important to note that property managers are mainly concerned with the rental side of the law and the real estate market. To ensure they run their client’s rental property properly, they consider the local factors that may affect their tenant pool, marketing strategies, and more.
Not only do they understand the general laws governing real estate, but they also direct their attention to the ones that directly impact their client’s interests. Some of the laws they’re familiar with are the Federal Fair Housing Act (FHA), Fair Credit Reporting Act (FCRA), and non-discriminatory laws. Their specialization allows them to navigate the industry well, allowing them to comply with regulations while meeting their client’s goals.
They may not have time for relationship-building
When you get a real estate agent to manage your property, their attention will be divided from the get-go. They’ll be selling properties and overseeing the day-to-day operations of your rental property at the same time. This means they won’t be able to build relationships with tenants and vendors over time. This lack of relationship-building can lead to tenant turnover and a missed opportunity to leverage the cost savings that come with a vast vendor network.
They may lack experience
A real estate agent may have experience in the real estate industry, however, that doesn’t always mean that their experience relates to rental property management. While they may excel in selling properties, negotiating terms, etc., they may lack practical knowledge in rental-related tasks like coordinating repairs, dealing with tenant disputes, and more.
Engaging a real estate agent who doesn’t have sufficient property management experience can expose you to potential risks, as there will be a learning curve to overcome. For example, without a good grasp of screening procedures, they may select problematic tenants who fail to pay their rent on time, which can hurt your cash flow. Or, they may not be aware of non-discriminatory rules, putting your reputation at risk.
Property management companies, in contrast, are dedicated to managing properties. It’s their core focus day in and day out. This enables them to gain real-world experience that can’t be obtained elsewhere. By working with them, you can be confident that your property will be efficiently managed.
Work with a property manager near me
The strength of real estate agents lies in selling properties, searching for their clients’ dream homes, and more. While they can technically manage properties, they may lack knowledge when it comes to rental-related tasks.
To ensure the smooth operations of your Florida rental, work with property management firms instead. Their specialization can help you handle the most complex situations, ensuring that your property remains a consistent source of income for years to come.
Stop Googling “real estate agents near me”, and instead, Google “property agents near me”! Work with Luxury Property Care to receive hands-on assistance with your day-to-day property management tasks. Our dedicated team draws from their wealth of expertise, allowing you to experience hassle-free rental property ownership.
Call (561) 944 – 2992 or complete our contact form today to schedule a one-on-one consultation where we’ll discuss potential solutions for your property.
