How Real Estate Agents Can Serve as Property Managers

Real estate agents don’t just work with buyers and sellers. You can also work with rental property owners and renters! 

Working in the rental market can add a separate stream of income to your real estate business. This is especially helpful when real estate sales are slow. After all, over one-third of American households rent their homes. And while only around 5% of homeowners move per year, 16% of renters move per year. So offering rental services gives you more opportunities to be of service. 

Plus, you get to establish relationships with property owners and renters who could buy or sell in the future.

Do you want to learn more about what you can do to serve rental property owners? Check out our list of activities you can perform as part of property management services. 

Filling Vacant Units with Qualified Renters

Rental property owners might not have the resources to find new residents for their vacant units. So they’re willing to pay you to find qualified renters and get them moved in.

The process of filling vacant units for your clients involves:

  • Setting the rental rates based on market data.

  • Advertising the available unit. This includes having listing photos taken and publishing the listing online. It also means using your connections to find potential renters.

  • Responding to all inquiries about the vacant unit.

  • Showing the property to potential renters.

  • Collecting rental applications (and application fees as appropriate).

  • Screening applicants based on factors like rental histories, credit scores, and background checks.

  • Making sure the renter selection process is compliant with federal, state, and local laws.

  • Drafting the lease and necessary addenda for the new renter(s) signatures.

  • Accepting the security deposit and first month’s rent.

  • Coordinating vendors to make sure the unit will be painted, cleaned, and ready for the new renters to move in.

  • Completing a walk-thru with the new renters and documenting the condition of the unit.

  • Handing over the keys to the new renters.

Depending on your local market, you can charge somewhere between 50% and 100% of the first month’s full rent amount for this service.  

Ongoing Property Management

Some rental property owners prefer to leave all the day-to-day operations of their properties to real estate experts like you. Your property management services provide peace of mind for your client and monthly income for you. Ongoing property management services include:

  • Collecting rents.

  • Handling requests for repairs.

  • Arranging preventative maintenance.

  • Coordinating landscaping services to keep the property looking sharp. 

  • Sending lease renewal options to residents.

  • Drafting lease renewals and making sure residents sign them on time. 

  • Budgeting for expected costs.

  • Addressing resident questions and concerns.

  • Accepting notices to vacate from residents who plan to move out. 

  • Completing final inspections when residents move out.

  • Providing final account statements to show former residents how much of their security deposit they get back.

  • Returning security deposits.

  • Filling vacant units as needed.

  • Making sure the properties are compliant with all local, state, and federal laws. 

The amount you can charge for this service depends on several factors. Location, the number of units managed, and resident turnover rate are all considered in going rates. Somewhere between 5% and 20% is normal for most markets. Some property managers charge a lower monthly percentage, but they have separate fees for filling vacant units. Other property managers charge higher percentages and include filling vacancies in the rate. 

How to Launch Your Property Management Services

The first step in launching your property management career is to get your real estate license. Get your license quickly and easily with online real estate courses!

Once you have your license, you can start networking with local property owners. You’ll be managing a portfolio of rental properties before you know it!

Want to get your Real Estate License? Begin your Pre-Licensing Course today!

Get Started Now!

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