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604-216-7368
October 3, 2018
This article explains how real estate agents can benefit from partnering with property managers to save time, reduce administrative burdens, improve tenant management, and create mutually profitable referral relationships.
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For ages realtors have done most of their job by themselves, this leads to stress and a loss of income. You don’t have to go alone. Working with a property manager is a big step for a realtor but also one of the most beneficial.
Realtors and property managers can develop a lucrative partnership with the benefits we will go over below.
One of the biggest jobs of a property management company is to take care of all of the administrative work. From working on paperwork to handling legal issues with properties. Part of their job is to know all of the ins and outs that you would have to spend time researching. Tax law and property law are just a couple of the special parts of property management that they spend time learning.
All of this takes time out of your day, time that you could be doing other parts of your job. Time is money after all.
Real estate agents already spend a lot of time traveling, don’t you wish you could spend a little less time behind the wheel? With a property management company, they will handle most of the on-site needs for your properties. An especially big benefit if you don’t live near your rental properties. Not just time saved, but money saved.
The reduced wear and tear on your vehicle will also thank you.
Whether you perform your own maintenance on your listings or you have to spend time arranging someone to do the job for you, that won’t happen once you have a property management company. These companies take all of the maintenance off your hands, that is one of their biggest benefits.
The maintenance that they can handle is also improvement maintenance. You can have them help you with investment properties to get them ready to sell.
Whether tenants have questions or they are late on payments, your property management company will be able to handle the job for you. Less time on the phone, and less risk when trying to get people off your property. Calls after normal business hours will screw up your schedule, and trying to handle last minute emergencies can be difficult. Property managers will even handle this for you.
Sometimes units go unfilled when a real estate agent has too many jobs to focus on. They lose the ability to spend time searching for new tenants. A property management company takes on the responsibility of finding tenants and screening them. Often times, they have an even better screening service than you do. This allows them to find better tenants, ones less like to cause issues.
All of the aspects that your property management company will give you time to spend on properties that are ready to sell. More time for marketing, showing, finding potential sellers, and more. With more time spent on selling, you will be able to increase your income and take on more sales.
Both property managers and real estate agents are able to send each other referrals. Real estate agents who want to help their colleagues enjoy the same benefits will make referrals back to property managers. In reverse, property managers can refer people who end up looking to buy property to the real estate agents. You will find yourself in a mutually beneficial relationship, one that earns you money.
When you start working with a property manager, discuss how you can benefit each other. A simple discussion can lead you to finding even more ways that you can benefit. You also want to make the property manager aware that you will be sending them referrals, that will let them know you are interested in working with each other.
For real estate agents, you will notice that you get a lot of help with investment properties. More of your time will be spent on making money and less time working on administrative tasks. In return, property managers will get more business and referrals. Working together is a great way for both businesses to succeed.