As detailed in RESA LAW 9646 a real estate Broker is a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.
A Property Manager on the other hand oversees, manages and administers your properties. It’s advisable to hire a property manager if you own several properties and are spread out in several locations and you live in another country or have to manage your properties remotely. Especially if your properties have tenants and a sudden occurrence takes place and needed your special attention. While your domicile is in another far location, and impossible to attend to your tenant’s urgent concerns, the property manager comes in handy and will handle it with breeze and ease.
Your Broker, as well as your Property Manager, can be one and the same person. However, a property manager is well equipped in handling all concerns related to your properties, whilst your Broker liaises with your tenant’s concerns, if both are the same person, it’s perfectly possible as long as one and the same person is capable and competent to handle both functions.
Come renewal period, the Tenant or the Lessee would always base its decision on its intent to renew lease depending on how fast their concerns were attended to during the course of the lease. Oftentimes, concerns of Lessees, are always about upkeep and maintenance of the property.
The most recent experience we had was after the recent earthquake which happened a few months back. The floor tiles in the tenanted property started to loosen and due to safety these needed to be rectified, some tiles had to be changed if can’t be salvaged. Due to dust from retiling, we had to allow the tenants to stay in the hotel. As Lessor was reasonable and understanding on the tenant’s predicament, the tenant decided to renew the lease for another year, come renewal period.
One last thing, a property manager may also screen potential Lessees, and if need be, pursue evictions. During payment period of your Real Property Taxes, your Property Manager may pay on your behalf, ensuring that not only you pay on time, but be able to avail of maximum discount if paid much earlier.
Hope this article helps. If you have further questions on this blog, you may send us a message, how we can further be of help to you on your real estate needs, concerns or just a query.