Many real estate agents have decided to do part time property management, especially as the sales market fluctuates, and more people choose to rent instead of buy. Realtors are great at helping people buy and sell homes. However, the property management industry is unique, and so is the rental market. Hiring an inexperienced realtor to manage your property could result in costly mistakes.
Pricing a Rental Property Correctly
Pricing a rental property is different from pricing a property for sale. There are no rental comps similar to what the sale market has from MLS info, nor is there a scientific formula. Property managers will take a few things into account, but pricing a rental home correctly depends mostly on experience and understanding market conditions. You want to earn as much as possible while remaining competitive.
Choosing the Right Investment Property
Your real estate agent will show you what’s on the market and negotiate your purchase price, but you’ll still need help understanding what your property will rent for. A property manager can explain how long it will take you to rent your property, how much you’ll have to budget for maintenance, and what types of tenants you’ll attract. Be sure to get property management advice before you buy, even if you’re working with a real estate agent.
Full Service Property Management and a Single Point of Contact
A single point of contact offers better customer service. Your property manager will be able to answer questions about your home during the leasing process and throughout the tenancy. While an agent can show your house, it takes an experienced property manager to recognize potential rental issues at a showing, find a qualified tenant and to handle the ongoing property management piece. It is a full time job that Realtors simply cannot do as well. Your property manager will enforce the lease, respond to maintenance needs, and take care of all the day-to-day issues with your investment home.
Many of the real estate agents we work with are professional and excellent at what they do. However, they are best able to serve their clients during a sale. Commissions in real estate are much higher than in property management, and that’s where they’ll want to spend most of their time.
When you’re looking for someone to manage your home, choose a full time Kansas City professional property manager. It’s the only way your investment will get the time, attention, and expertise it deserves.
Contact us at Key Partners Property Management if you have any questions or need any help with Kansas City property management.