What is the Difference Between a Leasing Agent and a Property Manager

The Difference Between a Leasing Agent and a Property Manager: Sales vs. Operations

Most property owners rely on knowledgeable and experienced property managers who handle leasing, along with other functions. Property managers find tenants and do much more, from screening prospective tenants to coordinating operations at large properties. That said, some owners prefer to hire a leasing agent to handle finding tenants, and then do the rest of the property management themselves. No one strategy is better than the other…but which professional you hire depends on how much of the day-to-day work you want them to take on.

Other differences between a leasing agent and a property manager include:

1. Communication after signing the tenant contract: A property manager communicates with tenants after they apply to rent a unit, and then continues communicating as the go-to person for the resident throughout the renter’s residency. Leasing agents usually do not interact with tenants after they sign the lease. 
2. Knowledge of rental laws: Property owners must follow strict federal, state, and local regulations regarding rentals. Property managers ensure the business complies with them. Leasing agents, who are responsible solely for filling units, do not monitor the owner’s compliance with regulations.
3. Safety oversight: Property managers also keep the property safe, helping the owner avoid a potential lawsuit if a tenant gets hurt. Leasing agents have a transactional approach and do not provide the oversight that property managers do.   
4. Pay structure: Leasing agents receive a commission for each signed lease, while most property managers are paid a set fee monthly.

If you are thinking of hiring a leasing agent instead or a property manager, do your homework. Leasing agents who work on commission sometimes are not as careful as they should be in approving tenant applications. When leasing agents rent to bad tenants, owners can be stuck with tenants who don’t pay their rent or damage their property. Avoid this situation by checking a leasing agent’s references and watching their work carefully. 

Leasing Agent vs. Property Manager: Depends on Your Goal

When property owners consider the benefits of leasing agents vs. property managers, they benefit by keeping their goal in mind: 

• In the case of individuals leasing one property like a single family home, a leasing agent is a good choice. The leasing agent will market the property, talk with prospective tenants, and manage the application process. 
• When investors own a property with many units, their best bet is a full-service property manager. The manager will find tenants and manage the day-to-day operations of the multi-family units.

For personalized advice on whether a leasing agent or a property manager is right for you, contact a real estate agency specializing in property management, Select Leasing & Management. 

What Happens When Property Owners Set Higher Goals?

Some property owners put off a decision on hiring a leasing agent vs. property manager. They like the way they manage their property and see no reason to change. When they eventually raise their revenue goal, they realize how much their lives will improve when they bring in the property management experts. 

For a reasonable monthly fee, Select Leasing & Management provides professional property management to relieve your stress and boost your profit.

Property Managers’ Duties Range from Leasing to Upkeep

What do property owners get for their investment in a property manager? They get a versatile professional with expertise in managing people, marketing, and maintenance. Property managers’ duties typically include:

Leasing and Marketing

The right property manager ensures units are filled with worry-free tenants. Their leasing duties range from marketing to screening tenants. Property managers look for these red flags while screening tenants:

• Has the applicant ever been evicted?
• Are they a felon?
• Does their employment and credit history indicate they will be unable to pay the rent?
• Are they using a false identity?

Once a new tenant has applied and been approved, property managers prepare their lease. The manager tracks the lease through the review and signing process. Property managers also mitigate tenant turnover by providing excellent customer service.

In St. Louis, prospective renters want to know about the neighborhood, schools, and shopping. Select Leasing & Management agents know St. Louis and surrounding cities. We highlight the unique characteristics of the neighborhood when properties are located and paint them in the most positive light possible. Another plus: As a well-regarded real estate agency, we attract prospective tenants that property owners are delighted to rent to. 

Pricing 

As experts in the local rental market, property managers are valuable partners to property owners. They help owners make decisions on what rent to charge or when it is appropriate to increase the rent. They also know what amenities are necessary to attract tenants in different parts of St. Louis.

Staying Informed on Rental Laws

Property managers keep abreast of rental laws and advise the property owners of changes. They also make sure prospective tenants know the laws before they sign a lease. Some cities have regulations on how many people can live in a home. Others require residency permits and inspections. For example, the City of St. Louis requires a Housing Conservation District Inspection, and following federal, state, and local laws, while St. Louis County properties must have a Residential Rental License.

Maintenance

Property managers keep the owner’s investment safe and in good condition. Some make repairs and maintain the property themselves. Others manage on-staff maintenance workers or contractors. Many get the lawn mowed, snow shoveled, and pool cleaned.

Rent Collection

Property managers collect rent, make deposits, and manage accounting. They track late payments and take steps to collect it. If a tenant needs to be evicted, they manage that process. 

For a St. Louis property manager with the backing of a major real estate company, contact Select Leasing & Management. We are part of Berkshire Hathaway HomeServices Select Properties, which means we draw from the knowledge of agents across the Greater St. Louis area, including the Metro East. Contact us today to start the conversation about partnering to meet your property management needs.