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When it comes to property managers, the general public tends to think of maintenance requests, handling tenant concerns and emergencies, and collecting rent. Property managers have more responsibilities on the other side of the fence. This article will highlight what a property manager does for real estate investors, and the value of having a Real Estate Investment Advisor (REIA) on your team. We will also cover the difference between a property manager and a REIA.

What does a property manager do for investors?

Property managers at RPM Iowa communicate with investors frequently. There is an open line of communication between the two. Property managers are responsible for a property’s condition and ensuring that it is in the best shape possible. “We schedule vendors turning property turns to get the space move-in-ready,” Dan Holz, Property Manager at RPM Iowa says. “Move-in condition reports are filled out prior to a tenant moving in. That way, we can refer back to them later when it’s time to move out.” The Property Managers at RPM Iowa schedule with the maintenance team and the outsourcing of vendor work necessary for the property.

Property managers are also in charge of bi-annual and annual inspections of all rental units. This is coordinated with the appropriate city the rental property resides in. Rental properties need to be certified in the state of Iowa.

They keep an eye out for changes in rental market trends. They convey possible property changes that will enhance an investor’s monthly cash flow. If a home needs new carpet or treatment for the hardwood, RPM Iowa’s managers will let an owner know. This will be communicated before the first tenant moves in, during a property’s vacancy, or in between tenants.

What is a REIA and what do they do for investors?

A REIA focuses on identifying sound investment opportunities. “An owner either has a goal already in mind or needs help determining what an attainable goal might be,” Says Seth Evans, REIA for RPM Iowa. “From there, we create manageable steps for investors so we can reach those financial goals.”

Think of a REIA as an asset manager. A REIA is comparable to a financial advisor for the stock market. Evans is a proactive member of the RPM Iowa team. He reaches out to current and potential investors with deals that might fit their needs.

Other responsibilities of REIAs include managing new clientele portfolios, attending trade shows and investor meetings, and maintaining accurate records of all listing appraisals. REIAs are focused on investors instead of homeowners.

What is the difference between a property manager and a REIA?

So, what is the difference? You can think of their roles in a linear way. REIAs will provide strategies for owners to grow their wealth by way of attaining properties to add to their portfolios first. REIAs are the visionaries within the wealth building process. 

Then, property managers will take it from there. “They are project integrators with boots on the ground,” Evans says. Property managers will make educated suggestions for owners in order to expand their monthly cash flow. Things like neutral paint colors, new carpet, necessary window treatments, lawn care, etc.

“We communicate with owners quite often,” Holz says. “It’s important for us to relay what’s going on with their properties and keep them in the loop as much as they want to be.”

Teamwork makes the dream work

Roles and responsibilities are integrated within the walls of RPM Iowa. It takes the team as a whole to come up with solutions to problems, find efficient systems, and build wealth for investors. Property managers and REIAs work together to reach the individual goals of the owners on board. If you’re curious what a good property management company can do for you, follow this link to read more. You can focus on being an investor instead of a landlord.