Whether you’re looking to rent out your house or apartment, you could use some professional help. Should you call a real estate agency or a company that specializes in property management? If you’re living in San Diego, California, you can easily find a number of reliable experts nearby.
However, there can still be some misconceptions about what comprises real estate versus managing a property. While there’s indeed some overlap, as both professions work in the realm of housing, real estate agents and property managers occupy two separate niches in the industry. Let’s explore how these differences reflect on your situation.
What is the difference between real estate and property management?
There’s a clear way to make this distinction. The main question is whether you’re looking to list your property for sale or to rent it out.
The real estate industry is a transactional business that is primarily concerned with selling and purchasing assets. It’s all about helping homeowners and other investors sell their apartments, houses or other real estate assets. A realtor should be in tune with the market trends and availability of attractive properties across communities.
Real estate agents should also have a list of useful contacts, such as quality contractors, lenders, and appraisers. When you’re looking to sell your property for the best price, a realtor can help you with some staging, making it more appealing to prospective buyers. Investors in the industry also look for real estate agents if they wish to quickly resell the newly purchased asset.
On the other hand, a property manager will tackle all maintenance and administrative aspects of a rental property. In comparison with real estate, it’s a contractual business, as a manager will collect a percentage of the monthly rent in exchange for services. The duties of the manager involve:
- Regular maintenance and upkeep,
- Emergency repairs and mitigation,
- Marketing vacant units to prospective tenants,
- Tenant complaints and claims,
- Drawing up lease agreements,
- Evictions, if necessary.
Another important difference between these two niches of the industry lies in the stability of the market. While the real estate market may fluctuate, with values going up and down, managing rental property is more resilient to changing trends.
Can a realtor act as a property manager, and vice versa?
Some real estate agents might offer to manage your property as a secondary service. The purpose of this is to rent out the property until a viable buyer appears. On the other hand, managers are entirely focused on maintaining your rental property, and fulfilling all the contractual obligations.
Usually, the person handling a portfolio of various rentals won’t have the time to stage your house or market it to buyers. You could ask for some connections or ask your manager to fill out the vacancy until you find a buyer.
Whether you’re looking to sell or rent your property, having qualified experts in your corner is a must. Keep in mind that quality management is good for your investment in the long run. A well maintained house or apartment can lead to a better pay-off if you decide to sell one day.
What’s more, when you can’t find a way to sell your property for the desired price, there’s no need to wait for the real estate market to recover. In addition, a seasoned professional can mitigate a number of risks even before problems occur.
Who can I hire for reliable property management in San Diego, California and beyond?
With many years of experience in the industry, Lofty Property Management is your safest choice. Be your rental around Balboa Park or anywhere else in San Diego and the vicinity, you can rely on qualified and hard-working professionals to handle all administrative and maintenance tasks, and collect the rent for you.
We can connect you with trustworthy tenants, run background checks, conduct regular check-ups and all other steps to keep your property in good shape. Call us today to get a free estimate and find out more about us!