When it comes to enhancing your income as a real estate agent, you may consider new marketing tactics. You may even try to work in a team with other agents. However, one of the best ways to increase your income is to become a property manager for your clients.
Being a Property Manager allows you to bring in consistent income, though it involves more than collecting rent, you can have endless clients, and your income is stackable. These are four of the things real estate agents should know about property management.
1. It’s Consistent Income
Every real estate agent goes into their career knowing that they will be living off of sales commission. This career field requires a lot of upfront work and commitment to ensure a lucrative payday. Sometimes, you may find yourself going a month or more without a solid paycheck. This is where property management can help. By managing a few properties, you can ensure that you get a set percentage of the rent each month.
2. It Involves More Than Collecting Rent
While everyone enjoys thinking about the positive effects of a rent payment every month, that’s not all that property management involves. As a property manager, you’ll be in charge of finding worthy tenants, initiating lease agreements, collecting rent, and handling maintenance calls. Before deciding to add this title to your career portfolio, you should know what tasks are required of you going into it first.
3. You Can Have Endless Clients
One of the best things about being a property manager and a real estate agent is that you’ll have an endless list of clients to manage properties for. Real estate investors need real estate agents to assist them in purchasing properties. You can meet this need and cash in on both the sales commission and the monthly property management commission.
4. It’s Stackable Income
Apart from providing a consistent monthly income, real estate agents can enjoy creating stackable income with their property management portfolio. The more properties you take on to manage, the more chunk of change you can bring in. This type of income stacking is fairly easy to do once you get a solid framework down for managing properties. It soon becomes more like an assembly line where you can willingly enhance your income whenever you want to.
Property management is a necessity in most towns and cities across the nation. As a real estate agent, you can use your contacts in the industry to create a lucrative side hustle. If you haven’t considered being a property manager before, hopefully, you’re giving it a thought. You can build your client list and enjoy the stackable income.
By having an understanding of the duties and obligations of the property manager to the owner, as well as the duties and responsibilities of the owner to the property manager, you can begin to determine what areas of property management you may be interested in. The type of employment you will seek should determine what associations you join or designations and training programs you decide to attend and acquire. Remember that the more training and education you complete the better you will be able to service your clients and customers needs.
Learn more about Property Management with VanEd’s real estate continuing education course, Property Management in Colorado.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan
Written and Published by: VanEd