Any effective property manager or property management company should understand the value of partnering with many different professionals to run the property effectively. One important professional whom you may not have considered partnering with is a local real estate agent. An agent who specializes in helping tenants can be a valuable asset for you and the property that you manage. Here are some reasons that this partnership, however you specifically choose to set it up, can be of benefit to both of you.
You'll Have Fewer Vacancies
One of your most critical tasks as a property manager is to keep the vacancy rate of the building as low as possible. When a unit is vacant, even just for a week or two, the property owner isn't making as much money as they would like — and you may soon be hearing about it. When you decide to partner with a real estate agent, it's reasonable to expect that you'll have fewer vacancies. The agent can suggest your building to his or her clients who are looking to rent, and tout the many benefits of living there. While it's true that not every client will choose your building, many will be exposed to it because of the agent's recommendation.
Fewer Vacancies Mean Higher Rates
A good real estate agent who steers more prospective tenants to your building can not only keep the vacancy rate low, but can potentially help you to earn more revenue for the owner of the property. For example, if the vacancy rate is extremely low, there may be a high demand for units in the building. Higher demand often means that you can charge more in rent for the units — and likely get it, too, given that people are motivated to secure leases with you. This will boost the monthly revenue of the building.
There Will Be An Agent For Buyers
While you might like the idea of your tenants staying in your building for a long time, the reality is that many renters eventually become homeowners. In order to steer some business toward your real estate agent partner, you may wish to pass his or her name along to tenants — and give the agent a solid recommendation — who inform you that they'll be moving out. Likely, some of the tenants will call the agent and sign up for representation with him or her, which further strengthens your professional partnership.