Difference Between a Real Estate Agent and Property Manager
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THE ROLE OF PROPERTY MANAGERS
Often, the role of property managers and real estate agents may be easily confused because they play different roles in the real estate world, although both activities may overlap when a rental unit needs a tenant.
PROPERTY MANAGERS AND REAL ESTATE AGENTS In many cases, property managers and real estate agents may show properties to potential tenants. However, property managers are responsible for maintaining and repairing properties. On the other hand, property managers can be involved in the administration of HOAs and condos. Therefore, realtors are more focused on sales. However, property managers must have negotiation skills to handle conflicts between residents, landlords, and tenants. Conversely, real estate agents use their negotiating skills to reach a sales agreement.
THE ROLE OF A PROPERTY MANAGER Many landlords do not live near their rental properties or own several houses. In this context, property managers come into play since the role of these professionals is to oversee your investments. In these cases, property managers generally charge between a percentage of the rent revenue. The advantage of hiring a property manager is that they help landlords if distance and time interfere with their ability to manage their properties.
PROPERTY VALUE Besides, property managers are focused on meeting the needs of the owners. Their work includes regular maintenance and repairs of their assets. Since many landlords live off their rental revenue, it is essential to have a well-maintained house for attracting tenants as well as protecting the property’s value. Many property managers are also responsible for finding new tenants. In this matter, property management can be related to real estate because they require similar knowledge.
A CONTRACTUAL BUSINESS Property managers look after properties on behalf of the property owners. In this sense, while real estate is a transactional business, property management is a contractual business. Property managers offer a service that requires a contract where a percentage of the rent is collected to pay management services. It means that the role of a property manager comes in the picture once the landlord has finalized the real estate transaction.
REAL ESTATE AGENTS AND PROPERTY MANAGERS ARE ESSENTIAL WHEN USERS LOOK FOR A PROPERTY TO RENT OR BUY.
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