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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?

Why Brokers Shouldn't Offer Property Management, Too

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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Your agents reflect you and your company. Are you sure they are delivering a consistent level of service that accurately represents how you want your brand to be viewed?

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.

Increased Liability

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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Landlord-Tenant law is a minefield and you are ultimately responsible for the actions of your agents. Whether it be ensuring escrow compliance, Fair Housing violations, managing maintenance responsibilities or collecting delinquencies; any failings in these areas will land on your doorstep.

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.

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Want to Learn More?

If you’d like to learn more about our properties and what it’s like to work with Gulf Coast Property Management, get in touch. We’d be happy to talk more about our rental properties, our application requirements, and our leasing process.

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