As a real estate agent, one of the best things that you can do for your career is learning how to diversify. If you are interested in bringing in more business, you may consider branching out into property management. Property management can include finding tenants for your clients and handling all tenant concerns. Property management will require a more hands-on approach than selling real estate outright. Here are three changes to expect when your real estate office handles property management.
1. You will need to have contractors on a payroll
Managing a property as a landlord means that you will need to fix any issues in the home that the tenants may have. This means that you will need to link up with electricians, plumbers, and those who are capable of construction. When the tenants call you, you will need to have the repairs scheduled within a short amount of time. For emergency repairs, such as a leak or a flood in the home, you will need to have someone to dispatch immediately. Keep contractors on the payroll so that they are available for your tenants once you call.
2. Understand how the eviction process works
The biggest change that you will have from a real estate firm to a property manager is figuring out the eviction process. It is unpleasant to have to file for eviction, and you will need to be informed and professional at all times. Have an eviction attorney talk with your office about the eviction process, how to file, and even how to stop an eviction. This way you will know how to set up your leases so that you can help avoid the costly process. Handling evictions for the client will also keep stress down from those who own the home's you manage.
3. Your sales skills will be different
When it comes to selling a home, you can point out changes that the buyer will be able to make to the home. When it comes to rentals, there are limited changes that a tenant can make on a property. Instead of focusing on how a property can be changed to meet needs, you will need to focus on selling the good points of the home and community that are already in place for tenants. Take a few home tours and practice selling the space to a renter rather than a buyer before you try it with a real prospective tenant.