When it comes to maintaining rental properties, there are generally two main people involved: the landlord and a property manager. While having a property manager isn’t required, more and more landlords are continuing to invest in the help of full-service property management companies. In fact, the property management industry increased by 4.4% between 2012 and 2017 alone. But many property owners may still not quite understand the relationship between landlords and managers — so let’s take a look at a few key differences between the two.
If you own a rental property, then you’re a landlord. To become a landlord, all you need is to own a property that you plan on renting out to tenants. Landlords are in charge of deciding how much tenants will pay in rent, how long the lease agreement will be, and what is included in the rental agreement. However, many landlords may find it difficult to deal with certain aspects of maintaining rental properties, like dealing with poor tenants and scheduling repairs efficiently. This is why so many landlords choose to work with property management firms. The job of a property manager is to essentially make life easier for landlords. They handle all of the pesky tasks that come with renting out a property and allow the landlord to enjoy themselves. Overall, landlords can benefit immensely from hiring a property manager.
Property managers don’t usually own the property, they simply manage it. Usually, property managers work for a property management company, but there are some freelance property managers as well. Overall, property managers are responsible for handling any tasks that the landlord needs help with. So instead of tenants contacting the landlord and asking for things, they contact the property manager. Some basic duties of property managers may include things like collecting rent, handling evictions, screening potential tenants, and scheduling maintenance or repairs. Property managers have plenty of knowledge and experience of the industry that allows them to get tasks done quickly and efficiently.
Landlords and property managers work together to make maintaining rental properties easier. So if you’re a landlord and you’re finding it difficult to effectively manage your property, you may find hiring a property manager extremely helpful.