Recently a tenant in a residential building we manage approached the property manager to ask for a recommendation on a REALTOR® to list their unit for sale. Our property manager informed him that GNP Realty has a brokerage arm and was well-positioned to list and sell the unit.
GNP’s philosophy of being a single source for multiple real estate solutions helped ensure this owner’s successful sale. While the property manager in this situation is a licensed REALTOR® (we’re committed to the highest standards of industry professionalism), he had the support and resources of our brokerage team behind him.
“Our familiarity with the property and its history and knowledge of the condo community provides a turnkey solution for owners,” says John Ribando, broker and vice president residential management for GNP. “Owners often comment they feel more comfortable using the property management company as their listing agent because we have an existing relationship, and they know we’re looking out for their best interests.”
While there is an overlap of knowledge and expertise, property sales and management are distinctly different specialties. Not every property manager has the skills to list and sell real estate, and not every real estate agent is prepared to manage a property. Further, Illinois requires a broker license for individual property managers and management companies (not all do). The Illinois Real Estate Act describes activities requiring licensure, which include broker transactions, advertising a vacant property for rent, showing a property, maintaining security deposits and accepting rent payments.
The win-win strategy for owners is using a multi-faceted full-service firm to handle all their real estate needs—leveraging specific knowledge associated with a property. Below are some key advantages to using your property manager to lease or sell your residential unit, followed by the benefits of using your REALTOR® to manage your property.
Use your property manager to rent or sell your unit
- “Inside” knowledge. Our familiarity with the property and condo community is a big plus. Nothing beats hands-on intel. Awareness of the little things can help avoid surprises and ensure a successful transaction.
- A mutual desire for a robust screening process. Our owners are confident we’ll be vigilant in the screening process to ensure responsible tenants and financially capable buyers. Anything less creates big headaches for both the owner and the property manager.
- Fast solutions to unexpected problems. Three hours before a showing, you experience a small plumbing problem. In most cases, your property manager can promptly resolve such issues, avoiding an awkward situation—or worse, the loss of a good prospect.
- Insight that impacts the rental rate or listing price. Renting or selling, someone directly familiar with the property and building will have insight into its micro-market. Such awareness will help you achieve your primary goal—price, fast transaction or the ability to accommodate a unique situation, e.g., complex occupancy requirements.
- Concern for the building community. Beyond acting in your best interest, your property manager understands the interests of the building and building community. This is especially important if you lease the unit, as you will remain part of the community. Further, it’s in your interest for the condo community to maintain a positive reputation, as you may be back in the market in a year or two, looking for a new tenant.
Hire your REALTOR® to manage your property
- Pricing expertise. REALTORS® know the market and how home prices impact rental rates. As members of the national, state and local levels of the REALTOR® association, we have access to the most current market data and trends.
- Enhanced marketing. We are members of the regional MLS (multiple listing service), which provides the broadest pool of prospective tenants. An agent assisting someone relocating to the area from anywhere in the country can see the information for your unit—including information not available to the public.
- Strong local network. We are part of an extensive, local professional network. In our daily activities, we’re in touch with colleagues (and competitors) who may be the source for a prospective tenant, e.g., someone selling their home to take advantage of a seller’s market but will be in the area for another year and needs housing.
- Preparing and showing property. Helping to ensure a property is attractive to a prospective tenant is a skill REALTORS® employ every day with sale listings. We know what people look for and what features to emphasize. We’re also accustomed to accommodating the prospect’s schedule, so weekend or after-hours showings are not uncommon.
- Oversight of legal documents. We use legal agreements provided by the REALTOR® association, guaranteed to comply with all state and local regulations.
Leveraging the value of a single multi-faceted real estate firm
Owners looking to sell or lease their residential unit can derive tremendous value by considering their existing real estate professional—whether the REALTOR® that helped them buy the unit or the property manager overseeing the larger building community. Many functions overlap between the two, and leveraging existing expertise can save you time and money while helping you achieve your goals as an owner.
Key to this strategy, however, is working with a professional supported by a multi-service firm with deep expertise in sales, leasing and property management. Always confirm the individual is correctly licensed to do the work and has the resources to support whatever real estate need arises.