UNDERSTANDING WHAT A BROKERAGE COMPANY DOES AND HOW IT RELATES TO PROPERTY MANAGEMENT20 Mar 2019
Property managers need to develop positive relationships with many different people, and property brokers are some of the important ones they have to work with collaboratively. Real estate brokers can be a property manager’s best friend. How? Let us first understand what a brokerage is and learn how they are beneficial to property managers.
What is a Brokerage?
Property management companies, such as Zawaya Property, are the entities who act on behalf of a property owner and oversee all their needs, including the maintenance and repair issues of a property investment, as well as deal directly with tenants for whatever needs they may have. A brokerage company, on the other hand, acts as the middleman, connecting the buyer and the seller to facilitate a transaction.
Functions of a Brokerage
- Brokers search out buyers when their customers want to sell or search out sellers when their customers want to buy.
- They usually deal with other brokers to facilitate the needs of their customers.
- They function as agents and charge a commission for every completed transaction such as a purchase or property sales.
- They may be held legally responsible for any loss incurred from mistakes that they make during a transaction.
The Relationship Between Brokers and Property Managers
As brokers are seen as the people who generate direct revenue for a property owner, property managers should understand that partnering with them has so many benefits. It can be hard to convince landlords to upgrade or improve their buildings. But working with a leasing broker can help make things easier. Brokers can help make property owners understand the need for renovations or redevelopment in their properties. After all, sometimes you need to make financial sacrifices in order to get the best long-term earnings. With this kind of positive relationship between brokers and managers, a building can be successfully leased out with an excellent roster of tenants. Brokers and property managers are definitely mutually beneficial to each other, and they have to work well together to achieve the best results. If you want to learn more about how property management and brokerage work together, visit Zawaya Property. You can learn about the processes involved in real estate with these two disciplines and find out how your investments can get the best ROI with their help as Your Property Optimiser. Check out Zawaya Property now.