On Oahu, unlike in many other real estate markets, property management is quite separate from buying or selling homes. So many rentals exist on Oahu that property managers specialize solely in managing properties and have little to no interaction with the sales market on a regular basis. Because renters are so plentiful, landlords rarely even offer a fee for an agent who brings a renter to a property. You will find agents who manage property and Realtors who assist buyers and sellers full-time rarely have relevant information about each others’ business.
So, when it comes time to sell the home you’ve been renting out, is your property manager a good fit?
- Your property manager is used to fixing things. Tenants can be rough on a property, and property managers have many vendors ready to make repairs. If you're looking at other Realtors, check their vendor list.
- If you've had a good property management experience, your P.M. probably knows the home well. If you feel they know your property quirks and condition inside and out, and the property isn’t a simple one, using your property manager can lead to a smooth sale.
- If your property manager is communicating with you promptly and well, by all means consider him. This will be the person you’ll be dealing with several times per week for a few months.
Consider Other Options.
- Property managers are typically bogged down in repair issues, tenant troubles, and paperwork. That takes a lot of time away from studying and participating in the real estate market. When it’s time to sell, does your property manager know the market pace, current contract strategies, and consumer expectations? If your property manager isn't out showing homes, seeing the world from a buyer's perspective, you may want to consider other options.
- Property managers are often not skilled at marketing or staging a home. It doesn’t take much to attract a tenant. A posting on Craigslist and some poorly-lit iPhone photos are enough to have piles of tenant applications. Selling your home for top dollar, however, is another story. To yield the most money, your property needs to be cleaned, repaired, staged, and marketed by a company with an international reach.
- Being priced appropriately for the market is key. Management companies often mis-price listings. Overpricing kills your momentum, and underpricing means the seller leaves money on the table.
- Realtors who buy and sell are excellent communicators because we’re used to dealing with buyers and sellers who expect instant answers, especially in the fast-moving sectors of our market.
- Realtors who are always operating in the buying and selling market are always in contact with other agents, keeping up those relationships. There’s a good chance they know someone who will bring a buyer to your home.
A Realtor will bring a keen eye and attention to detail to your home sale, and will be mindful of the timeline of the transaction and your needs.
If you have questions about the difference between property managers and agents who buy and sell, feel free to contact me. I can refer you to an excellent property management team for your rental.