Property management companies and real estate agents work well together to help best serve the home owner.
Property managers are best positioned to improve and preserve the value of real estate investments. On the other hand, real estate agents market properties and act as intermediaries between property owners and prospective tenants or buyers. Real estate agents helps list properties, prepare documentation, and even negotiate deals.
While property managers handle the day-to-day operation of the property, ensuring things go well. But keeping the rental properties occupied with maximum market visibility is the concern of an agent, who will secure the best deals for the property owner.
Continue reading below as we explore how real estate agents assist property managers.
What is a Real Estate Agent?
A real estate agent, also known as a realtor, is a trained and accredited professional who assists clients in the purchase, sale, leasing, and renting of property. They have an insight into the local market and legal details.
In order to become an agent, an individual has to undergo training, pass a number of licensing examinations, and sometimes continue with further education. Marketing is the most important activity that real estate agents engage in, as they need to sell the property to potential buyers or tenants.
This means that they have to draft acceptable terms and conditions, prepare property or real estate advertisements, and navigate all legal forms and paperwork.
They play an important part in ensuring that people exchange properties easily and to the benefit of the different parties, business owners, as well as tenants or buyers. Therefore, real estate agents are the people who bring sellers or leasing parties of a property and the interested parties in the market together for business transactions.
Roles of Real Estate Agents in Property Management
In the management of properties, a real estate agent has multiple important roles, such as marketing, leasing, listing, preparing documents, and ensuring marketing materials are professional.
Here’s a deeper dive into these responsibilities:
Marketing
Real estate agents can use different marketing tools such as online listings, social media, and open viewings to market the property. Taking good marketing strategies can attract buyers or potential rental applications.
Moreover, real estate agents understand the nuances involved in effectively marketing even the most challenging listings. They emphasize the good features of a property by using professional photography, virtual tours, and captivating descriptions and narratives.
Negotiation
Real estate agents are skilled at all forms of negotiation to be able to persuade others to agree with terms that benefit both parties. They also understand the market changes and then work to get the most favorable outcomes for the parties involved in the transaction.
Note that agents negotiate for their clients which includes selling prices, lease amounts, and other factors worth considering. They advocate for their clients, using their understanding of the market condition and property prices to win the negotiations.
Listing Properties
Real estate agents are also responsible for promoting the strong features of the property for sale or rent to make it look attractive. This involves arranging for professional photographs, writing excellent property descriptions, and showing the property on multiple platforms to get as much attention as possible.
Property listings are prepared by agents in detail, capturing every piece of information including the dimensions of the property, amenities, and other pertinent details, such as recent modifications that may attract possible buyers or renters.
Document Preparation
Real estate agents will prepare your documentation whenever it is required. These necessary documentation including contracts, disclosure forms, agreements, etc. are prepared correctly and in the required format.
There are so many laws and regulations guiding the real estate business that every agent knows and can use that information to help you avoid legal troubles. This explains why finding a real estate agent for your investment property is important to avoid mistakes in your real estate needs and documents.
How Real Estate Agents vs Property Managers Support Rental Property Owners
Both real estate agents and property managers provide essential services to rental property owners, but each specializes in specific areas of property management and ownership.
Real Estate Agents
A real estate agent’s core business is the marketing and selling of properties. They have an in-depth understanding of the neighborhood markets and enable homeowners to get appropriate pricing and marketing.
Agents deal with the entire sale cycle that starts from property listing, through offer acceptance and deal closure, to helping find an appropriate investment property and navigating the owner through the difficult real estate waters.
Through their network and the services offered, real estate agents assist property owners in obtaining maximum value out of their properties and work to ensure the business is done smoothly.
Property Managers
Property managers operate differently as they are actively engaged in the operations of a rental property. They are responsible for relations with the tenants that include screening and selecting tenants, rent collection, and resolving tenant issues.
Besides that, they also supervise maintenance and repair works, including ensuring all properties are duly registered with local regulations and are maintained in proper condition. They also plan and administer budgets, reconcile accounts, and keep financial statements to ensure the viability of the property.
As a result, property managers relieve individual property owners of the time-consuming tasks associated with the daily management of their property and enable them to focus on other investments.
Conclusion: Real Estate Agent Vs. Property Manager
Both real estate agents and property managers have different scopes of work. In one way or another, both of them would need to deal with rental property owners. Real estate agents deal in the acquisition, selling, and marketing of properties. On the other hand, property managers take over the operational functions related to maintenance and tenant care, while landlords focus on off-site administration.
By choosing to work together with property managers and estate agents, landlords can get a complete package of services for better investment and effective maintenance of rented property. However, choosing the right real estate agent is tricky due to the many professionals available. Fortunately, your Professional Property Management in Fairfax will guide you in choosing the best real estate agent.