Rental Agent (Property Manager)

In a Nutshell

Rental agents manage properties and act as liaison between renters and owners. As a rental agent you will check the property periodically, collect rents and pay the property's bills. You will also be in charge of keeping the property in working order and sub-contract labor for repairs or scheduled maintenance work.

The Longer Version

Renting a property can be a good source of income, but for many owners it is also a hassle. Lack of time, geographical distance, or just not wanting to deal with the mundane tasks of running a property, are all reason enough for property owners to hire a rental agent.

The rental agent acts as the property owner's representative. As a rental agent, you will be in touch with the tenants, including regular visits to collect the rent and inspect the property.

Any issues relating to the property must be reported to the rental agent. The agent is in charge of fixing any home problems, as per the property's rental agreement. That doesn't mean you have to fix the plumbing yourself, but that you need to be able to call in the right people for the right job, quickly and efficiently.

As a rental agent you are committed to the property owner who hired you. The exact work method is something that should be established between the two of you and can change from client to client. You need good communication skills, as you will often be negotiating between the property owner and the renters.

A specialized type of rental agency is one handling holiday rentals. With holiday apartments changing hands as often as every week, owners need a dedicated agent that will meet the new renters, show them the place, collect the money and generally inspect the apartment.
You can start your rental agency with offering your services to friends and relatives. A good way to get new clients is by checking the local newspapers for properties for rent. Contact the owners and offer your services. Make sure you are well referenced. As a rental agent owners will trust you with their property and their rent money!

What Do You Need?

If you don't have a cell phone, you will have to invest in a good one, because both owners and renters need you to be available at all times.

So... How Much will I Make?

Rental agents usually get paid a percentage of monthly rent. 8%-10% is the usual fee, but it can vary according to your area and the type of properties you manage.

If you manage dozens of properties, or a few expensive ones, you could make several thousands of dollars a month.