Realtors hold themselves to a very high professional and ethical standard, and their business revolves around making clients happy, garnering a top notch reputation, and providing the best service they can. However, as a realtor’s success grows, so too does the extent of their responsibility to manage multiple properties and clients at any given time.
Given the multi-tasking challenges, realtors may find themselves needing some help in order to maintain their client portfolio, while expanding their business opportunities. Property management companies can take on a portion of the workload and free up the realtors’ time to focus on the tasks that are most rewarding. Here’s a few reasons why the partnership between realtors and property management companies is a sound strategic fit, and how you can take advantage of the benefits.
FINDING THE RIGHT TENANTS
Many clients opt to find tenants to rent their properties all on their own, but there are an inherent set of risks involved. First, it’s a time-consuming process, and inexperienced landlords may inadvertently miss key details related to background and financial checks, as well as the qualitative data that comes from years of experience interviewing tenants. Normally, realtors would handle this task for clients, but those same realtors can also utilize a property management company to handle those tasks.
This is especially advantageous for realtors with clients who own multiple properties, as the need for tenant screening would be required on a regular basis. Realtors know full well how detailed-oriented and precise the tenant selection process can be, and it’s far better for them to rely on a property management company to handle this time-consuming task, while they keep a bird’s eye view on how things are progressing.
KEEPING UP TO DATE WITH LAWS
Realtors understand the legalities of renting out properties, and these can change from time to time at the local or municipal level. Still, it can be difficult to keep up with all of the requirements necessary for each individual property, including permits, licenses, safety and health standards, electrical codes, and insurance coverage. By allowing a property management company to step in and assist, realtors can further reduce the time spent on these issues, freeing them up to pursue more business, or a better work/life balance. Bear in mind that many of these things need to be re-examined when a new tenant rents out a property, and it can be very time-consuming for a realtor managing a host of individual properties.
MANAGING MAINTENANCE AND REPAIRS
Realtors need to be aware of the need for regular maintenance, suite inspections and occasional repairs to a property, especially if a tenant is living there. These issues need to be dealt with quickly to avoid potential legal issues or breaches of contract. In the midst of a busy period, they can have a difficult time freeing themselves up to manage and oversee the process. Property management companies can act as liaisons between contractors, realtors and tenants, taking the guesswork out of the equation, while making sure everything is running smoothly. That way, realtors can focus on other tasks while enjoying the peace of mind of knowing that a property management company is on the job 24/7 . Since repairs and maintenance can be quite complex depending on the issue, it can be very difficult to switch gears and regain focus.
COLLECTING RENT & ARREARS
Realtors know how to deal with tenants, but what happens when one becomes delinquent and falls behind on payments? It’s one thing to simply collect monthly rent, but it’s quite another to deal with those who have refused to pay altogether. Property management companies have the skills to handle these situations so that you don’t have to. The last thing realtors want is to chase after delinquent payments, and it could become a complex legal battle in relatively short order, which is why it’s better to allow a focused team to handle it. That way, there’s no risk of missing a key detail due to distraction, which can be problematic in the long run.
Realtors would do well to consider working with a property management company, as the benefits are plenty. By offloading a lot of the routine work, realtors can free up their time to focus more on doing what they do best.
For more information on how you can benefit from working with a property management company, please contact us today!