Property Management Service vs Real Estate Agent Management Service?

[Philip Choi]

Hi All, 

I'll try to keep it concise. I currently own a 2b/2.5bath in West Boca. My company requires me to relocate to Kansas City and now I am in need of help on managing my soon to be rental unit. After speaking with my family, they mentioned to look in property management service rather than going through a real estate agent. My family is concern with real estate agents as they often don't have the time to manage the property. I appreciate everyone's insight on the pros and cons. If you are also a fellow south Floridian, would like to hear your recommendations if you think property management companies are the way to go. 

Thank you! 

Phil, 

[Stephen Akindona]

@Philip Choi I would always recommend going with a professional property manager. Agents can offer management services but it’s often times not the only thing they do. They can have the best intentions and you may save some money using them but those perceived savings will end up costing you in the long run. Professional management companies will often times have the systems and processes in place to give your property the greatest chance for success. Obviously, this isn’t true in every single instance but in my experience property managers tend to out perform agents who also manage properties.

[Michael Smythe]

@Philip Choi any real estate agent can find you a tenant, but most do not manage rentals PROFESSIONALLY.

Many agents do TRY to manage rentals to make a few extra bucks, but they often don't tell their real estate broker and they rarely have software and other necessities to manage well.

There are some real estate brokers that also manage properties, but if they don't have staff 100% dedicated to management, it's often a disaster.

Check out NARPM.com for property management companies that are dedicated to property owners.

[Alex Olson]

@Philip Choi Welcome to Kansas City. Lucky for your this is a great real estate investment market and you will find cash flow to be good and appreciation does well in select markets as well. Hope this helps. 

[Tanner Lewis]

Hey Phillip, is this a long term rental or short term rental?

[Mike Paolucci]

A property manager will be your best bet. A good Property Manager will have the resources you'll need (contractors, leasing agents, maintenance techs and book keeping) to get you by while you focus on more important things. 

[Philip Choi]

Quote from @Philip Choi:

Hi All, 

I'll try to keep it concise. I currently own a 2b/2.5bath in West Boca. My company requires me to relocate to Kansas City and now I am in need of help on managing my soon to be rental unit. After speaking with my family, they mentioned to look in property management service rather than going through a real estate agent. My family is concern with real estate agents as they often don't have the time to manage the property. I appreciate everyone's insight on the pros and cons. If you are also a fellow south Floridian, would like to hear your recommendations if you think property management companies are the way to go. 

Thank you! 

Phil, 

 Thank you for everyone's amazing advice! Quick Update: I spoke with a property manager service company today and he was able to provide me more insight. After learning more it might be favorable for me to sell my unit since it is my primary residence and I have lived longer than two years. 

[Preston Dean]

Quote from @Philip Choi:

Hi All, 

I'll try to keep it concise. I currently own a 2b/2.5bath in West Boca. My company requires me to relocate to Kansas City and now I am in need of help on managing my soon to be rental unit. After speaking with my family, they mentioned to look in property management service rather than going through a real estate agent. My family is concern with real estate agents as they often don't have the time to manage the property. I appreciate everyone's insight on the pros and cons. If you are also a fellow south Floridian, would like to hear your recommendations if you think property management companies are the way to go. 

Thank you! 

Phil, 

 @Philip Choi

I disagree with your parents. If you find a PM that is an agent they have 2 reputations on the line. Their brokerage license/agent license & their PM business. Over the years IN TEXAS I have found more success when I am working with PM's who are realtors than PM's who are strictly PM's. 

I'm not talking about those who are realtors & PM's but more so PM's who are realtors. There is a difference. If you are working with a large PM company and you have an issue 9 times out of 10 you have to go through a hotline to call. If you have an issue with a PM who is also a realtor you can not only speak with their broker of record but also give some feedback to NAR or their local brokerage.