The difference between an exclusive rental agent and a property manager

Often people perceive rental and property management services to be one and the same.  This is a common misconception.  So what is the difference between an exclusive rental agent and a property manager?  Property management can be contracted for both rental and non rental properties.  The role of a property manager varies depending on the needs of the client.  Some property managers specialize in income producing properties while others focus on non-rental property management.  Car delivery, grocery shopping, major construction projects, on call emergency assistance and bill pay can all be facilitated by a property manager.  Rental agents on the other hand work to procure rental leads, qualify potential tenants and facilitate the leasing process.  While the services vary from property to property, one thing is certain; the management factor is completely separate of the rentals.

Our rental brokers work hard to ensure our rental properties remain occupied.  This includes advertisement, procurement of leads and rental showings.  Once a potential tenant makes an offer, we obtain a rental application to qualify the renter, present the offer to the owner and negotiate with the intent of making all participants in the transaction feel good about the result.  The last step in the process is to facilitate the execution of the lease agreement and collect funds.  During the lease term the rental broker will collect rents and act as the liaison between their client and the property manager, tenant or owner.  However, the rental broker is not responsible for property management unless they are contracted to do so.

A property manager on the other hand is responsible for ensuring all systems of the property function well.  Special emphasis is placed on keeping costs to a minimum.  By addressing problems in a proactive manner, property managers are able to help steer owners away from some of the common pitfalls of deferred maintenance.  Another facet of property management is on-call response.  The last thing a property owner wants to do is pick up the phone in the middle of the night to hear their property 1000 miles away is flooding.  As a property manager, I thrive on these types of scenarios and promise a reasonable response time, taking the pressure off the owner to act.

If you are interested in renting your property, please consider a rental and management agreement.  These services compliment each other and make for a carefree guest and owner experience.