Being a realtor is an interesting profession because in many ways it relies on that invaluable old-school business builder: word of mouth. Having a strong presence online and in print and street media is always crucial, but with every professional interaction, your reputation is at stake. Building relationships throughout the business, therefore, is essential to growing your brand as a realtor.
Developing a relationship with a property manager is one that you can continue throughout your career, and it has both immediate and long-term benefits. By working with a property manager, you establish yourself as not just someone who can sell a property but as a resource for all things tied to your client’s investment. If the property manager does well for your client, they will be more likely to keep you in mind for any future properties they wish to buy or sell.
Many property management companies have a referral program specifically for this copacetic relationship with a realtor. This program usually involves being paid a fee for referring your client and also exclusive rights to resell the property for the client if so choose. By pairing with a quality property management team, you can continue this cycle of referrals which allows your clients to recommend you to other potential investors and grow your business.
Choosing the Right Property Manager
Not all property management companies are created equal, and selecting the right one to team up with can be difficult. Because your reputation is on the line, you’ll want to make sure you choose a property manager who is reliable, reputable and has a history of satisfied property investors. According to Realtor magazine, there are a few key factors that all great property managers will meet:
- A good reputation among investors and agencies such as the Better Business Bureau
- Extensive screening processes that include background checks, credit checks, references, and no history of discrimination
- A wealth of experience throughout the company and individual managers
- A history of short vacancy periods between renters. This includes getting the property to market.
- A large client base that will help you verify the quality of management their investors receive
- Consistent and well-established policies for dealing with maintenance, repairs, rent collection, and eviction
- Formal contracts for you and the client establishing all obligations and expectations
The Resources Provided by Property Management
The obvious benefits of working with a property manager are the referral fee you earn when your client signs and the exclusive rights to resell if and when the investor decides to sell. However, property managers offer additional benefits throughout the entire buying, renting, and selling process for both you and your client. And, of course, any benefit your client receives only helps deepen your relationship and grow your brand. Here are the key ways in which property managers can help you and your client:
• Property Managers can help you and your client find the best investment property: Property managers, like realtors, need to stay in the know when it comes to properties in the area, demographic information, and the fluctuation in rental rates. This helps them set fair rental prices that will attract reliable renters. Because of this, a property manager will know the best locations in their area to invest in a property that will bring in quality tenants.
By combining both of your expertise and knowledge of the area you can find the best property for your client’s needs quickly and efficiently. The faster your client finds a property they love the better they will feel about you and moving forward with the property manager.
• Property Managers Free up your time to work with additional clients: The property management team can step-in and take point with client questions about the property and how to market and rent out the space, freeing up valuable time that you can spend with additional clients and showing properties. With a trusted property manager, you know that your client is still receiving quality service while you work to grow your business.
• Teaming up with a property manager ensures a smooth transition and establishes your relationship with the client: Because property investors can choose to sell or purchase new properties more often than someone buying a home for their family you want to make sure you maintain a relationship with them. By providing a recommended property manager, you establish yourself as a resource that links you as their realtor to the quality assistance they receive from the property manager throughout their investment.
Your relationship with the property manager becomes symbiotic; it’s in the property manager’s best interest to help your client so that you continue to recommend them throughout this and future clients' endeavors. With every paid-in-full rent collected, maintenance issue managed, or late-night phone call taken, a property manager helps establish your reputation and build your business.
The Realtor Referral Program with Real Property Management
The best realtor referral programs benefit all parties involved in the short and long term. When you decide to partner with a property management company you want to make sure you’re getting the most out of your partnership. Real Property Management’s referral program benefits you and your client during the purchase, renting, and selling of the property. Working with Real Property Management, you’re gaining 25 years of property management experience to help your client achieve their financial goals.
Once that client has signed on with Real Property Management you receive a referral fee, and Real Property Management will set aside the listing for you, giving you right of first refusal at time of sale. In the meantime, you can rest assured that your client is receiving quality care and a profitable return on their investment, building your reputation. Refer your clients to us today to get started on a mutually beneficial partnership by clicking the link below.