How Different Are Property Managers from Real Estate Agents?

Do you know that there are certain differences between people who manage properties and agents who look after real estates? Well, it’s only you but a huge percentage of people synonymize real estate agents with property management experts. However, there are similarities too, and one of them is providing assistance to investors in several ways. Moreover, they are common in ensuring profits made through deals on real investment. But what anyway matters is the difference in their occupation because one who comes to know about it will find it easier to understand as to how these professionals work in the maintenance of properties.

difference-between-property-manager-and-realestate-agent

Time of Work Execution

To gain a better understanding, let’s start with the aspect of time frame. In the matter of taking assistance, the time frame set for real estate agents is different than that of property managers. In the case of real estate agents, they remain engaged in identifying and researching properties, which actually meet requirements of people. They come up with a wide range of options unless the customer makes the final selection and thereafter the deal ends. Property managers, on the other hand, appear after the real estate has been closed. They keep working until the time the customer sells off the property and looks again for a real estate agent.

Mode of Receiving Payment

There is indeed a vast difference in the mode of payment between a property manager and real estate agent. As a matter of fact, real estate agents only take commissions. The payment which they actually receive is when you decide to sell or buy the property. In case of property managers, they get payments on a monthly basis. There are many property management professionals who work for bigger companies and is therefore entitled to annual salaries instead of getting the same monthly.

Set of Assigned Responsibilities

As far as the responsibilities of a real estate are concerned, it starts from identifying properties matching your interest to advising customers throughout the sale process. Technology has given rise to an incredible concept called supra lockboxes through which agents will be able to show customers a range of properties. Well, property managers also show properties to their customers but occasionally. However, they are able to access the property by means of either a combination lock or a key. The key responsibility of a property manager is to make sure that he is generating high returns on investment. For this, he needs to meet tenants and collect rents from them and even look after the maintenance of the property. Another major responsibility of a property manager is to look for good tenants who can be satisfied and therefore decide to extend their stay in the property.

Strategies of Marketing

Real estate agents by means of a wide range of listing services hold the ability to advertise their customers’ properties to various agents. This, in turn, is a huge benefit for investors who are in want of good leads on renting or selling their properties. This is because real estate agents usually work with buyers and tenants planning to crack deals. Whereas, property managers usually depend on the conventional advertising strategies like online as well as print classifieds. They also have their own range of referral network and often yard signage.

Terms of Accountability

Surprisingly, there is also a major difference between the nature of advice taken from a real estate agent and a property manager. For instance, you cannot expect real estate agents to give you the right advice about your tenants. Property managers in this respect are more skilled, especially while collecting rents, tracking financial information and even carrying thorough background checks. Although real estate agents, on the contrary, do have access to a few of these similar tools, they are entitled to a fixed commission on making the tenant occupy the property. Once done, they are no more involved in the process. On the other hand, property management experts are responsible for choosing clients. Apart from this, they will also have to stay in touch with the clients during the entire time period of the lease.

So by now, you must have got a fair knowledge about the major differences between how a property manager works and how a real estate agent does. Keep in mind the above differences in mind and proceed with your deals accordingly.