Here’s how you can merge your real estate business with property management services and make it work.
Assess the Logistics
There are a few business basics to consider before taking the leap:
- The fact that your real estate brokerage gets inquiries regarding renting doesn’t mean that you need to jump into that. 50% of Vegas may be renters but have a look at your vacancy and occupancy rates before taking the leap.
- There are two critical factors to property management; money and time. Sit with a couple of professionals who have a solid track record as well as ample experience and understand the ropes.
- Having a real estate business makes you eligible to get into property management as you are already aware of the fair Housing laws, real estate law, and regulations as well as the market trends. But it’s still suggested that you check in with your state laws.
Comparing Professional Goals
- Being a landlord and property manager means that you are your own boss, and all the profit is yours. Managing someone else’s property, however, means that you will have a boss on your head, but it will also mean that you get your personal team to manage, making you their boss.
- The flexibility that you have now will not be the same if you are the property manager. As a real estate person, you may have to show properties after pulling an all-nighter taking care of plumbing issues at one of your properties. But the pro here is that you can delegate the emergencies to a handyman, and this will leave you free to take care of the real estate tasks like showing properties, writing up contacts for clients, etc.
- You don’t need a degree to be a real estate agent, and you don’t have student’s loans to pay either, so the income prospective is sweet. But if you are looking in to take up property management, there will be a break, so be sure that property management pans out, and you only add to your income.
- If you are one of those people who aren’t into routines and need variety, it should be a huge pro for you. Being a manager and being a real estate agent are two different things, which means you get more variety in your line of work than any other real estate agent or property manager.
- Being in real estate gives a lot of people peace that they are helping others find the house of their dreams, if you are the same, believe me being a property manager is even more satisfying. Day in day out, you will be helping your tenants live in the perfect environment managed by you.
- Communication: Well, if you are a real estate agent, you have already aced the communication bit. Being a property manager is a lot to do with being on the same page as the tenant. Communication is the key here; they need to know you are the authority. You are also the middleman between the tenant and the owner of the property.
- Problem-solving again is an in-build skill of a real estate agent that will come handy when you are playing the role of a property manager.
- Time management is easy for a real estate agent. As he already knows how to juggle clients, applying the same management skills here will work wonders for your property management career.
- Merging these two career choices will be hard, but it’s not something that can’t be done. All you need is a bit of understanding, experience, time management, as well as patience.