OK...Now is the Time to Change Hats....Agent to Property Manager

By
Property Manager with Gibson Management Group, Ltd.

As a real estate agent, the client has total input * you have a listing or a buyer broker agreement * which is job specific * SELL MY HOUSE or GET ME A NEW HOME.

 

Becoming a property manager means your employement may not be finite or dependent upon an end result.  If you do LEASE ONLY/TENANT LOCATION, then that is the event that governs your employment; however, property management agreements are hirings for numerous events that may be happening all at the same time.

 

To get the property rented, you may have to organize cleaning, repairs, yard work, and/or upgrades.  Your management agreement clearly gives you the authority to organize for these and if you have a holding or escrow/trust bank account with the owner's funds, you can spend up to the limit in your management agreement without the owner's involvement.

 

This is so unlike being a sales agent where the client is consulted at every turn.  Property managers are hired for their knowledge, resources and expertise.  If you call them at every move, they will wonder why they need you.

 

Big expenditures, repainting, driveway resurfacing, replacing flooring - should be discussed with owners for the costs and timing of the repairs.  Smaller items, replacing outdated ceiling fans, replacing a 20 year old dishwasher should be within your authorization.

 

Having a good set of resources at your disposal is KEY to making this transition smoothly for you and your property management clients.

 

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties 

 

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Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

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Rainmaker
557,496
Melinda (Mel) Peterson
Grants Pass, OR - Bend, OR
The Blessed Realtor - ABR, CRS

Excellent points !  Property Management provides residual income, rather than a 'one and done' real estate sale.  I've always been a little nervous to take the PM step... it seems to be the #1 area of complaints in the Real Estate Journal, especially mishandling of client trust accounts.  Have you always been a PM, or did you transition from RE?  BTW... I love your tag line - Landlord Whisperer.  Brilliant!    

Jan 28, 2020 11:39 AM #1
Rainer
377,977
Jim Smith
The Property Management Company - Round Rock, TX
Broker,CRS,GRI,RMP,CNE,TRLP

A critical point to remember: Property Management involves a high level of trust between the Broker and Landlord.  Essentially, the Broker must remember that the Broker is fully responsible for every penny - both received and spent.  It is NOT about merely collecting rent (An locked box can do this); it IS, however, a 24-hour responsibility for the Landlord's investment.  Never "try" property management. This is a very unglamorous, yet highly detailed aspect of real estate.

Jan 29, 2020 06:20 AM #2
Rainmaker
1,267,107
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Jim....well said...I have 3 of my first 10 clients...they keep their rental property because they trust me to manage it and know I will contact them if I need to...these types of owners are joys to work with

Jan 29, 2020 07:01 AM #3
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Rainmaker
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Wallace S. Gibson, CPM

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