Choosing a career as a property manager looks vastly different for different people. Some business owners prefer to do everything themselves from screening residents and rent collection to maintenance and landscaping. Others, are looking for a steady stream of income, but like the idea of outsourcing certain tasks and responsibilities rather than hiring a full-time staff to cover all the bases.
If you’re just getting started, you’re probably still exploring options. Are you wondering whether your business needs a full-time staff or if it might be better to hire a real estate agent to market and show your property? Here are a few things that might help you decide which is best for you and your owners.
Give and take relationships.
Real estate sales agents are a valuable resource for your community. Even if you want to handle the leasing from your office, building relationships with top agents in your area is beneficial. They’re often the first to know when a homeowner or commercial investor has newly acquired property available for lease.
Benefits flow both directions. Agents selling real estate may experience a feast or famine revenue stream. Having another revenue source that complements home sales appeals to many licensed agents.
Let’s say that your property has both short-term rental units and long-term apartment homes or single-family residences. If a realtor can’t find the perfect property for someone relocating to the area, recommending one of your short-term properties will generate revenue for your property management company, your owners and the agent. It is a triple win across the board.
Since your property management software features include digital background checks and screening tools, the agent is free to do what he or she does best – sell the property.
Benefits for property managers who work with a licensed realtor.
- Realtors know real estate law.
- Agents have connections to contractors if you need services your team can’t handle, such as landscaping or preventative HVAC care.
- Most agents understand the housing market and bring fresh insights to the table that may help you fine-tune your advertising strategies.
- Licensure builds credibility with owners and residents.
- Another set of marketing channels and resources.
Benefits for real estate agents.
- No rent collection, eviction hassles or risks associated with resident default.
- Added revenue.
- Connection to owners who may have property to list in the future or who want to invest in additional commercial real estate.
- Access to residents when they’re ready to embrace homeownership.
Creating your own collaborative effort.
Designing a collaborative partnership with a real estate agent depends entirely on your property goals. If you have a full-time maintenance and make-ready team, you might be able to offer those services to your real estate partner. Whenever a homeowner lists property for sale, their agent will likely recommend they service all appliances, get the lawn professionally groomed and repaint the walls with a neutral color.
To decide if working with a licensed realtor is right for your property management company, consider the following areas:
- Do you want total control over the process, or are you interested in giving up a bit of control to move your apartments quicker?
- Could you use some help marketing, staging or showing available apartments?
- Does your budget allow you to hire, train and staff a full-time leasing team, or would a commission only plan fit better?
- Would having access to outside vendors and contractors benefit your owners, or can you handle those relationships yourself?
What do you think? Could working with a licensed realtor help you streamline operations and build relationships? If you have experience working with a professional leasing, team tell us about it in the comment section.