by Lex Shan
Tom is a smart and savvy real estate agent. He helped a buyer, Beverly, purchase a fourplex.
Excited about her new investment property, she wanted immediate, tenant placement. So, she asked if Tom offered leasing and management services.
Unfortunately, property management is not his forte. Helping buyers and sellers was more profitable for Tom than managing tenants.
He went online and found Graveyard Property Management* with glowing reviews and paying referral fees. Therefore, he referred them to Beverly.
Tom’s real estate business is thriving. Due to his busy schedule, he has not been able to keep in constant contact with Beverly.
5 years had passed and the market went up significantly. Tom thought of Beverly and wondered if she would sell her fourplex for a profit. Before he called, he researched the property value in preparation.
To Tom’s surprise, Beverly’s fourplex was actually sold over a year ago. The worse part? The listing agent. Dracula* was from Graveyard Property Management. Tom felt furious yet helpless.
Yes, Tom could’ve spent more time keeping tabs on his clients. But at the end of the day, he felt it was unfair that he referred business to Graveyard but they snatched his listing business.
This kind of horror story doesn’t just happen during the Halloween season. It’s happening every day. Or maybe you are a victim of it without knowing.
Purchase and sales commissions yield a much higher margin than managing properties.
Property management itself is prone to lawsuits, tedious and labor-intensive work that is really more of a distraction to an agent’s business, than a profit driver.
Because of this, 99 percent of the agents. refer out the property management business rather than building a multi-person team to tackle it.
Think about all of the work that goes into management… constantly renewing ads, tenant calls, no-shows, drafting lease, keeping up with the latest rental laws, walk-throughs, tenant complaints, leaky faucets, eviction, paying vendors, 1099 filing… This list goes on and on.
Tom made the right decision for referring Beverly out, but unfortunately to the devil’s hands.
Here at The Cal Agents Property Management, if you refer your landlord clients to us, we promise that we will always refer them back to you when they are ready to sell.
As fellow agents, we understand that it costs time and money for agents to acquire a clientele. We hold ourselves to high ethical standards, and we will never snatch a client from you because we want this to be a win-win partnership.
Property Management is a first-class citizen in our company. We have a dedicated team, who will take care of everything. When your client receives great service, it reflects well on you too.
When your client asks for property management services next time, refer them to us so you won’t become the next victim of Dracula.
The Cal Agents Real Estate….
Because we CARE
* Names, businesses, and incidents are used in a fictitious manner. Any resemblance to actual persons or events is purely coincidental.
