Hiring someone to manage your property is not easy because it requires trust from both the parties. You might be considering using your existing realtor to manage your properties, instead of hiring a separate property manager. Realtors typically chase sales, so doing rental property management Utah may not go down so well. Follow these tips to ensure that your property does not get overlooked.
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Be Considerate of their time.
Realtors are busy chasing clients, and their earnings depend on commission. Managing your property is a beneficial opportunity to generate more income for them, but they will not always be around. Ensure that the property management work does distract them from their primary job. A realtor cannot afford to function as a property manager if it does not waste their time. Commissions are the income source for realtors, that is, if they have idle time, then they are losing money.
Understand the Scope of their Abilities,
A realtor and a property manager have quite different duties. A realtor focuses on advising clients on buying and selling property, real estate market conditions, paperwork and conduction walkthroughs and transactions etc. A property manager ensures that all the rental property laws are followed. They advertise and maintain the property, conduct inspections and walkthroughs, and manage security deposit claims. Due to such a wide gap between their functions, you will have to ensure that the realtor has prior experience in Utah property management.
Make it Profitable for them.
A person can only stay in a profession if there is profit in it, especially when it is a side hustle. The real estate market is cyclical, meaning it has several ups and downs after specific time intervals. Property management can be a profitable revenue generator once the sales market starts looking bad. Property management is complementary to a realtors job when done correctly. Realtors sometimes find property management to be more profitable than closing deals with clients. Ensure that managing your property is beneficial for your realtor.
Understand the Limitations.
A realtor who is managing the townhomes for rent in St. George Utah will need a flexible schedule. If you own multiple properties across the town, then your realtor may not be able to manage all of them. Let your realtor decide which property they will maintain, but you will have to look after the others yourself. It is better to assign them a property, which does not need constant attention.
Opt for a Company.
Seeking assistance from a company instead of an individual realtor is better because you will have an extensive support system. Realtors working with companies are more likely to be ethical and deliver professional services. Property management of houses for rent in Saint George Utah can be difficult without a team to assist you. A property management company will make your job much easy with its team of experts.
Discuss the Payment Beforehand.
Paying a realtor who is also your property manager can be a calculative task. Realtors and property managers both work on different commissions, so the payment for a realtor doing both the jobs is tricky. Discuss the payment options with regards to the amount of work your realtor does. It will eliminate any conflict with your realtor in the future. It will also ensure that you know exactly how much money to pay for each task.
Make your Terms and Conditions clear.
You are familiar with the conditions of your realtor, but what about you? State your requirements and expectations clearly before hiring your realtor for managing your homes for rent in Washington, Utah, but you may have to make a few compromises here and there. A realtor might not be able to meet all your requirements, but make them clear regardless to avoid future conflict.
Use Technology
Assist your realtor with relevant property management technology to make their job easy. There are several applications which keep a tab of damages, payments and paperwork. Taking advantage of these can enable your realtor to manage more of your properties. It saves a lot of time, money and energy for both parties. Several applications assist in maintaining all the damage-related information, making an inspection report and setting reminders. It is nearly impossible to function without these applications if you manage multiple properties.
Your realtor may agree to function as your property manager, but you should understand their potential beforehand. When done correctly, both the realtor and the property owner can reap profits. Realtors often get into property management to gain experience and as a side hustle, but they end up making it their full-time profession. A property manager and a realtor often need different qualifications, but they can fill each other’s shoes. Always choose an experienced realtor because property management is not an easy job. Your realtor might tell you that they will try, but it still does not ensure quality.