Can a Real Estate Agent be a (Las Vegas) Property Manager?
To the layperson, it might be hard to distinguish the difference between the different titles you’re likely to hear in the real estate market: brokers, appraisers, property managers, agents, and more. In a nutshell, a real estate agent is focused primarily on the buying and selling of property.
That is to say, if you’re renting or leasing, you’ll be in touch with a property manager most of the time, who is able to keep you up to date on inspections, loan payments, and more, rather than a real estate agent helping you close a deal before they move on to their next client and leave the new property in your hands. However, a property manager works closely with both parties to make sure that both the tenant and the property owner (you!) are satisfied with the living conditions. (Las Vegas) Property management is less about the exchanging of money and more about the relationship between the residents and the property owner.
It should be made clear that in most states, a property manager does not need to hold a real estate license. Real estate license are distributed to agents who function in leasing activities and the collection of rent, for example. So it’s clear that there are some differences between the two roles. Is it possible for those two areas to experience any kind of crossover? Of course! In fact, more people than ever are hiring real estate agents to act as property managers for their rental properties, for example. Let’s take a closer look.
A real estate agent, by nature, has extensive experience communicating with all kinds of clients, each with vastly different histories, circumstances, and needs. They also will have an intimate knowledge of the local market – they’ll know all about the different laws and regulations of your state (or city) and they will be able to advise you about the rights and restrictions that apply to you. A property manager with a history of experience in the market, especially the Las Vegas real estate market, will be best equipped to help you. With a considerable knowledge of your local market, your property manager will be ready to reach out to potential tenants to tell them all about the surrounding neighborhood and why moving into your property as opposed to the property down the street would be a benefit for them.
Since real estate agents have to have extremely strong “people skills,” so to speak, they make great property managers because they’re quite experienced at mediating conflict and facilitating communication than businesspeople trained in marketing, for example. Experienced real estate agents will be comfortable handling emergencies and problems such as late payments, repairs, maintenance, and other unpleasant details.
Some of the responsibilities that fall on a property manager include, but are definitely not limited to, the following: the advertisement and marketing of the property to potential tenants; the screening and selection of those potential tenants; handling the scheduling and restrictions of property inspections, especially when it comes to reaching out to contractors if repairs are needed; the management of your main financial accounts; negotiation and conflict mediation, if necessary; and more.
Of course, the details of the responsibilities will be filled out in your contract, and many people prefer to have accountants separate from their property manager, so it all depends on personal preference.
In order to accomplish all of these responsibilities, a trustworthy property manager has to be organized and proactive. They should check in with you and with your tenants if needed, whether by phone, email, text, or in person. A property manager should be cooperative, welcoming, and great at communication, so that both parties – tenant and property owner – feel comfortable going to them with any issues that might arise.
Nobody likes dealing with problems like late rent, but they can’t be avoided forever. Many tenants feel more at ease talking to a property manager rather than the owner, as a property manager is more of a go-between and therefore less intimidating than the owner. The property manager’s investments are different from the property owners, and this concept is definitely not lost on residents.
The last thing you should keep in mind is that if you are looking to hire a property manager, don’t let the lack of a real estate license hold you back. All of the above traits are simply generalizations and assumptions. An experienced property manager is probably a safer option than a poorly-rated, irresponsible real estate agent. Be sure to be holistic in your interview process, and be open about your expectations of your potential property manager.
Anybody who’s willing to work hard, communicate, and can provide you a list of references should be more than suited for the job.
Hopefully this article was of some help to you in elucidating the difference between real estate agents and property managers. It can be confusing trying to keep all the different terms straight, but if you want to have a successful transaction, it’s important to study up!