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 Smaller items, replacing outdated ceiling fans, replacing a 20 year old dishwasher should be within your authorization.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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