Many realtors assume that property management is a simple extension of their real estate expertise—collecting rent, coordinating maintenance, and keeping units occupied but the reality is that it’s much mor than simple tasks, property management is something that requires total commitment.
If you’re able to devote the time to properly managing your clients’ rental properties, mistakes will happen and cracks in your business model will show.
In this article we will provide you with several services a property manager specializes in that will make your life a lot easier.
Understanding Legal and Compliance Challenges
Property managers must stay current with landlord-tenant laws, fair housing regulations, and local ordinances. Unlike real estate sales, where contracts are negotiated and closed, property management is an ongoing responsibility with legal pitfalls at every turn. A missed deadline on a notice, improper handling of security deposits, or a discriminatory leasing practice (even unintentional) can lead to lawsuits and hefty fines.
Tenant Relations and Conflict Resolution
Managing tenants is about more than just signing leases. Property managers deal with late payments, property damage, noise complaints, and evictions. Balancing firm enforcement of lease agreements with good customer service requires diplomacy, patience, and problem-solving skills. A realtor who is used to short-term transactions may find the long-term relationship management aspect of property management overwhelming.
Maintenance and Emergencies
Unlike real estate sales, where the deal ends at closing, property management involves ongoing property upkeep. From routine maintenance to emergency repairs, property managers must be available 24/7. Coordinating reliable vendors, controlling costs, and ensuring quick response times can be a logistical nightmare, especially for those unfamiliar with construction and repair processes.
Financial Management and Accounting
Realtors focus on commissions, but property managers handle budgets, operating expenses, rent collection, and financial reporting. Mismanaging these can lead to losses for owners and economic chaos for the business.
While realtors excel at buying and selling homes, property management demands a different skill set—one that requires patience, attention to detail, and the ability to juggle multiple responsibilities at once.
Contact GoldenWest Management
Ready to get serious about property management? Contact the GoldenWest Management team today by calling us at (866) 545-5303.
Our team is a total property management solution and offers all the services that you need. Let us save you the time and hassle of DIY property management.
Learn more about the services that we can offer you by clicking here, you will be glad that you did.
