Pitfalls of Performing Property Management Services
“Success demands singleness of purpose. You need to be doing fewer things for more effect, instead of doing more things with side effects.” – The One Thing by Gary Keller
You cannot be everything to everyone. What do you want your firm to be known for?
Here are 3 reasons brokers shouldn’t include leasing & management in their service suite:
Damage to Your Brand
You’ve worked too hard building your firm’s reputation, only to have it threatened by a disgruntled tenant or over-demanding landlord.
Working as the buffer between a landlord and tenant often results conflict. 9 times out of 10 the agent or property manager is deemed to be the bad guy. At best its hurt feelings and at worst it results in litigation. One thing is for sure, your reputation will take the hit via word of mouth or online reviews.
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Is your firm’s split on leasing and management fees worth the risk?
Decreased Agent Productivity
We often hear that agents feel obligated to perform property management services to appease clients. The strength of a company comes from knowing what it does really well. Property management is a low margin industry and only becomes profitable with scale and systems. When your agents are running around performing management duties they are not focusing on sales. Help your agents, and your bottom line by removing this distraction.
With only one chapter of the Florida Real Estate exam dedicated to property management, are you sure your agents are proficient in Landlord-Tenant law?
Are you sufficiently insured to manage properties? Many brokers are surprised to learn their E&O policy doesn’t cover property management services.
Even if you do have property management E&O coverage, do you know how much it is costing you and what your net return on that cost is? is it worth it?
The majority of FREC and the Division of Real Estate violations are property management related.
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Take the time to calculate whether the return you are currently generating from property management and leasing is worth it.
Gulf Coast Property Management operate an agent referral program and a broker recurring revenue program
If you do have an existing book of management business, we may be interested in purchasing this from you.
Please contact us for more details.