Property management is an exciting industry. It is unique in its dual role and service to property owners and tenants. Because of the nature of the business, sometimes there is confusion as to who does what and what can be expected from a property management company.
Property Ownership Is Still Home Ownership
To begin, property management’s primary customers are the property owners. We are contracted to care for a property and take over the minutia involved with the maintenance and promotion of a property. Prestige Property Management is committed to the thrival of our owner’s properties and profits (read more about owner’s benefits here).
Having a rental property is a great investment that can bring passive income; an experience that can be greatly enhanced by hiring a property management company. However, there is a temptation to assume that property management in some way insulates an owner from the unexpected, or even the routine, maintenance and repair that comes with home ownership. But, this is not so. Even though property management can greatly ease the burden and requirements of having a rental property, it does not eliminate the possibility of unforeseen misfortune.
Property Management Is Not A Mediation Service or the Police
In order to serve our clients, we work tirelessly to make sure that their property is leased as quickly as possible to tenants who have taken the time to apply and show they are able to uphold the standards of the lease agreement. We are happy to be a resource to both owners and tenants and serve as a buffer for both parties to alleviate any emotional tension that may arise, as it occasionally does, when money is concerned.
Our job as property management is to maintain the adherence of fair housing standards and tenant laws of the state. Therefore we will make sure that tenants are abiding by the lease agreement; we will also make sure that they are not charged for anything outside of what is stated in the lease or in accordance with the law. We will listen to the concerns and frustration of both owners and tenants, but we will not indulge in harsh conversation, relay threats, or take any action to aggravate a situation.
Similarly, we understand the frustration that can come up with roommate relations (we’ve all been there), but we cannot take or promote action against a single lessee. Disagreements between roommates must be handled among the roommates, or with contracted outside intervention.
Finally, property managers are not police. If you are aware of suspected or confirmed illegal activity, then notify the proper authorities. If you call our office and tell us, we still cannot call the police as we have no first person witness of the event in question. If you feel threatened or are suspicious of criminal activity, please take care of yourself and call the police.
Property Management Does Not Have a MLS
The real estate industry works very differently from property management. Real estate agents have access to MLS, a multiple-listing system that allows them to view the details of any home in the system, regardless of what individual agent or company listed the property. Real estate agents also get paid on commissions, which means they are very vested in each and every lead given to them. Real estate also has general trends that have been well-established and can give information regarding estimates a property may be on the market, whether the market is more advantageous to buyer or seller, etc.
Property management does not have an MLS. Each property management company has its own list of properties that it manages. This information is not shared by other companies, so that an agent of one company cannot show a property of another company or have access to information about when the lease is up for renewal or how many units are in a building, etc.
Similarly, property management does not necessarily have the same trending patterns as real estate. Though some trends may run in tandem, there is no real predictability for when a property will become available. And, unlike a real estate agent who can keep a name and number for future dealings, a leasing agent has a greater “case load” in terms of correspondence, scheduled showings, and expectation for turn around. So, when it comes to rentals, it is up to the seeker to continue the search and check in with an agent rather than to assume that an agent will be able to remember a request from months prior.
Do you still have questions about property management? What’s in it for you, the owner? The renter?
Give us a call. Let us help you find the answers to your questions.