It may have happened to you dozens of times - listings slipped through your fingers because you didn't have a skill that the owner needs - the ability to manage a property as well as sell it.

Your homeowner may be facing a transfer, trying to sell in a slow or devalued market, have zero equity, or other reasons that may adversely affect a quick sale. Meanwhile, the family has to move on to another situation and leave the home behind. If you want the listing, you might be able to get it by providing the family with services that go beyond sales. Residential property management services can help bridge the gap between a successful sale and that limbo period when it doesn't sell and the owner can't or won't reduce the price.

Sound far-fetched? Relocation companies, brokers and agents all over the U.S. are already doing it. In order to capture the lucrative relocation business, they are making sure that someone on the team, usually a Realtor, is also skilled in residential property management. Property managers manage every type of property from commercial sites to single family homes. Their primary function is to maintain the property for the owner in order to produce the highest possible financial return over the longest period of time.

A Realtor who is also a property manager can write her/his own ticket with most brokers whoe seek ways to extend the life term of listings into income-producing properties.

The skills required of a residential property manager are very similar to those of a sales agent, so you'll find it isn't that much of a stretch. You have to provide the homeowner a market analysis of the homes for lease in the area. Listing the home for lease is as easy as putting it on the MLS. You can call upon your home maintenance contacts to prep the home for the market, just as you would stage a home for sale, and to maintain the property for the duration. And you can get a home warranty put on the property as an added marketing feature. You bring renters and homeowners together just as you would in a sale, only the renters will be making the owner's house payment for them instead of buying the home. You can even arrange a rent to own contract which allows your owner to keep title to the property while the renters make payments and share in accummulated equity. And all you have to do is stop by and inspect the property twice a year, or more often, if your client prefers.

The flip side is just as attractive. As a property manager, you will also have access to the properties that are available for lease, including your own, and are in a better position to provide temporary housing to your out-of-town transferring customers. Not all transferrees are buying right away, many are waiting to purchase while they become familiar with their new community. A lovely home to lease for six months to a year is the perfect way to make the transition.

The beauty of offering property management capabilities to your seller is that you serving your client's needs without pressuring him/her to sell at a lower price, and with the buyer, or renter, you make money whether they buy, lease or do both.

Sound easy so far? As with any real estate related skill, the residential property manager has to acquire the necessary background or certification. The Institute of Real Estate Management offers several certifications that may be helpful. You can become an Accredited Residential Manager® or a Certified Property Manager®. The ARM designation is particularly for residential property managers, and the CPM is desirable for the corporate real estate environment.

Talk with your broker and ask which training programs can best provide you with the designations or certifications you will need to add this group of skills to your real estate resume.

As a property manager and Realtor, you will be able to show homeowners that you can help them maximize the property's bottom line, contain costs and operate more efficiently, market the property more aggressively, build teamwork and improve communications, create and sustain excellent resident relations and manage risk and prevent loss. It is a great way to enhance your own professionalism and advance your career by helping your customer meet their goals.

Published: November 2, 1998

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Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. For more articles by Blanche, click here.