If you’re a new or accidental landlord, you might be looking into hiring someone to help you manage your rental property. In your search, you’ll come across the terms “leasing agent” and “property manager.” So what’s the difference between a leasing agent and a property manager?
While they do have some things in common, there are important differences between a property manager and a leasing agent. Let’s take a look at them.
Do I Need a Property Manager or Leasing Agent?
Property managers and leasing agents are both responsible for helping landlords earn more income from their rental property. However, a property manager is much more involved in the overall management of your property.
What Does a Leasing Agent Do?
In simple terms, a leasing agent helps get your property rented out to qualified tenants. They specialize in filling vacancies quickly and their process includes several important tasks. A leasing agent helps rental property owners with:
1. Rental Property Marketing
A leasing agent will create an online listing for your property and respond to inquiries from prospective tenants. They will also coordinate and perform showings.
2. Tenant Screening Process
Having a thorough tenant screening process is crucial to long-term success as a landlord. A leasing agent will have a tenant screening process that includes:
- Background screening
- Credit reports
- Income verification
- Reference checks
- Rental history
- Previous landlords
3. Solid Lease Agreements
If you’re a new or accidental landlord, coming up with a lease can be stressful and confusing. A leasing agent will have a legally-sound lease already prepared. They can make adjustments to the lease if needed.
4. Tenant Move-In Process
Leasing agents coordinate the move-in process for new tenants, which includes:
- Getting all documents signed
- Collecting all fees
- Coordinating with tenants
A leasing agent works to earn a commission (typically around half of the first month’s rent) by placing qualified tenants in rental properties. Once that’s done, their responsibilities stop.
What Does a Property Manager Do That a Leasing Agent Doesn’t?
A property manager does everything a leasing agent does but also goes far beyond. A property manager takes care of tenants after move-in, makes sure they follow the lease, and handles the day-to-day management of a rental property so landlords can enjoy passive income.
Unlike a leasing agent, a property manager’s primary responsibility is working with landlords for the long-term success of their rental properties. A property manager’s goals include:
- Maximizing your long-term profit
- Protecting your property’s value
- Protecting against legal issues
- Managing tenants and daily tasks
More specifically, here are some of the many important aspects of successful property management:
Rental Property Maintenance
A good property management company has a list of approved vendors that perform higher-quality repairs at a lower cost than most landlords can get on their own.
On-Time Rent Collection
With online rent collection systems and experience in dealing with tenants who don’t pay rent on time, a property manager will make sure you start getting the rent you’re owed on time every month.
Tenant Management
A property manager deals with tenants on a daily basis. They act as a gatekeeper between you and your tenants. With property management you can trust, you never have to worry about dealing with a bad tenant.
Transparent Accounting
Property managers handle rental property accounting and have systems in place to ensure landlords have access to easy-to-read financial reports. Great property managers want you to know how well your property is performing.
Legal Compliance
One of the biggest headaches new landlords don’t always anticipate is legal compliance. There are laws and regulations from the federal level to the local level that apply to everything from loose nails to fair housing laws.
Legal Evictions
If necessary, a property manager knows how to navigate the legal process of eviction. One wrong move can cost landlords thousands of dollars if they choose to evict on their own.
Overall, a property management company allows landlords to enjoy truly passive income so they can focus on growing their portfolio – or, spending more time with family.
Should I Hire a Gilbert Property Manager or Leasing Agent?
As a landlord with rental property in Gilbert, AZ, you might be deciding if you want help with getting your property rented or if you want help with the entire management of your valuable asset.
Should you decide you want a property management company or a leasing agent, Brewer & Stratton Property Management can help you. We offer $499 flat leasing fees and $89 a month flat property management fees.
Note: Most leasing agents charge 50% of the first month’s rent. So, if your rental goes for $2,000 a month, you’re saving $500 by choosing Brewer & Stratton. Plus, at $89 a month, you’ll save money every month on property management fees.