Property management is a specific area of real estate practice.
Licensed property managers can:
However, individuals licensed exclusively in property management cannot represent a consumer when buying or selling a home.
CONSUMER TIP: there is no standard commission for real estate licensees, including property managers. Compensation is 100% negotiable.
There are a number of things you should consider when making the decision whether or not to hire a licensed property manager for a property you own.
Managing investment property can take up a significant amount of your time, and it requires specialized knowledge of rules, industry standards, and legislation. Not all property owners have the time or the experience to manage their own properties successfully. Think about the four questions above and consider how hiring a licensed property manager could possibly benefit you.
Property management licensees must enter into a written service agreement when beginning to work with a client. Written service agreements ensure you understand what the licensee will do, how they will go about doing it, and how they will receive payment. Read more about written service agreements.