It can be easy enough to confuse property managers and real estate agents since they work in the same field. However, when it comes to their individual roles and responsibilities, they differ quite a bit. Today, we’ll break down the difference between a property manager vs realtor so you can fully understand the distinction and determine which one you’ll need to hire to achieve your investment goals.
Property managers often play several different roles under their title, including working in tandem with your real estate agent. Their primary role is to manage and maintain the property. This can include repairing damages or identifying any potential improvements or alterations that the property might need to attract renters. They also handle the day-to-day operation of the building. From pest control to collecting rent payments to arranging contracts with vendors, the property manager looks after the property on behalf of the owner.
The real estate agent, on the other hand, focuses more on sales and leasing. They can help you locate the right property to invest in. They will also show you around various properties to help you determine the right location and asset based on your investment needs.
The property manager and realtor can also work together to help you find suitable tenants. In the commercial world, agents are often used to lease up buildings and arrange contracts. These professionals are referred to as leasing agents. They can be used to help negotiate the lease agreements, determine leasehold improvements, and provide background checks. Property managers work closely with the leasing agent to work out all the fine details with the potential tenant and will usually have the final say as to whether they will lease to them or not.
Every investment scenario is different. If you own one multi-unit residential building or a smaller investment property, having one qualified property management company to take care of your building operations and leasing should be all that you need. If you own a number of commercial properties and are actively acquiring and disposing of buildings, you’ll want to bring on a real estate firm that specializes in these services. For investors looking to develop land, you will need specialized individuals to help you source the right location and take care of all the planning and permits – most realtors and property managers will not be equipped to run these types of deals. In this case, it’s important to do your due diligence when sourcing companies to ensure that you’re hiring seasoned project managers with a solid reputation for development consulting and management. Your bottom line will depend on it.
At Medallion Capital, our team of property managers, leasing agents, and developers offers a one-stop shop for all you Toronto real estate needs. Whether you are looking for residential or commercial property management, condominium investment, real estate development consulting, or mortgage services, we will provide tailored support for all of your personal or business purposes.
If you have any questions about the team of experts you need to accomplish your real estate goals, contact us today!