There are over 307,000 property management businesses across the USA. So, if you're currently searching for a place to rent, there's a good chance you've already come across a property manager.
Have you wondered about their role in property rentals and if they're different from a landlord? Keep reading to find out more about property management vs landlord management in real estate.
What Is a Landlord?
A landlord is someone who owns rental property. This might be an apartment building, single-family residence, or commercial building.
The landlord takes care of the administration and maintenance of the property. They act as a point of contact for all tenants.
What Is a Property Manager?
A property manager takes care of rental space on behalf of property owners. They usually have several buildings under their management.
They often have innovative facilities for paying rent and reporting maintenance issues. These online facilities help streamline their service levels.
In the case of an apartment building, the property manager might hire an on-site caretaker. This ensures tenants have ongoing assistance on hand.
Key Differences: Property Management vs Landlord
Although their role may overlap at times, the key difference between property managers and landlords is ownership. Landlords own the property they're renting to tenants.
Property managers don't own the buildings in their care or make decisions regarding them. They work for the property owner and carry out their instructions.
That doesn't mean property managers have no say in the tenant experience. In many cases, the property owner trusts them to take care of every detail.
A property manager usually oversees things like:
- Routine property maintenance
- Rent collection
- Setting up rental rates
- Marketing the property
- Property inspections
- Tenant screening
- Evictions
- Lease renewals
The property owner is mainly involved in major decisions such as costly repairs and renovations to the property.
When you rent space via a property manager, you might never meet the owner of your accommodation. Landlords fulfill all the functions of a property manager, so their tenants will deal with them regularly.
Pros and Cons of Landlords vs Property Managers
Overall, renting a property from a landlord is a more personalized experience and might offer more flexibility. Property managers must conform to their company policy at all times.
Property managers have large teams and long-standing relationships with contractors. Thanks to this, they can offer faster, more efficient services than landlords.
Landlords are often busy individuals, and you might struggle to get hold of them at times. If they live out of town, you could experience delays regarding maintenance or repairs.
Whether you rent accommodation from a landlord or property manager, you're protected by landlord-tenant laws in your area.
Working With a Property Manager
Once you know the difference between property management vs landlord real estate, it's easier to determine which method suits you best.
A property manager offers numerous conveniences, like online payment and maintenance management portals, efficient service, and industry expertise.
Whether you're a prospective tenant or landlord, get in touch for expert service in Raleigh, North Carolina.
