Time to Add ‘Property Management Services’?
Realtor income can fluctuate regardless of the market. Managing properties can offset that rich-poor cycle, and even net an agent valuable leads for future home sales.
CHICAGO – Property management services can be a good addition to a real estate business that’s targeting growth and income diversification.
Property managers work with owners who are renting out homes, acting as the intermediary between the property owner and tenant. Under that umbrella, they handle various rental-property transactions, such as:
- Marketing vacancies
- Showing property
- Collecting and processing rental applications
- Screening tenants
- Approving prospects
- Overseeing lease signing
- Creating move-in and move-out procedures
- Managing maintenance
- Overseeing tenant relations
- Collecting rent
- Processing security deposits
- Assuring compliance with state and federal real estate and landlord-tenant laws
Property managers must follow Florida’s real estate laws and requirements to obtain licensure.
For agents, adding property management to their skillset can boost income by more than just the amount they charge for the service. I can create strong client relations and stabilize their income in a business that often has peaks and valleys.
The drawbacks include occasional difficulties working with tenants, keeping up to date on landlord-tenant laws, and a diffusion of focus that may draw attention away from important clients and tenants.
Source: Realtor Magazine (04/03/23) Miller, Kaycee
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