Renting from Landlords vs Property Manager?
Whoever is managing the properties;
there are certain merits and demerits of each approach.
First of all both the landlords and tenants can gain immensely from learning the peculiarities of each approach.
This understanding can help renters determine whether they are better off staying in a property managed by a property manager or a landlord.
Categories of Property Managed
Although a landlord or property manager has the right to manage any type of rentals, some properties are best managed by each.
Single Family Houses
If a landlord owns a single family house, it is financially reasonable for them to manage the property themselves.
Landlords usually manage a rental property that has just two to six apartments.
Therefore, this is because the units are fewer in number; hence, it is easy for the landlords to manage them.
Since the number of apartments is high, it makes financial sense for the homeowners to hire a property manager to take care of the units.
The landlord can also hire property managers to help them manage a portfolio of properties.
Also, the portfolio may include several properties such as commercial spaces, multi-families, and single family homes.
In most cases, property managers are the ones managing the daily operations of commercial properties.
Considering the activities involved, hiring property managers to manage the properties offer many advantages for tenants and landlords.
Properties with landlords that do not stay close
If a homeowner does not stay close to their rentals, property managers usually manage such properties.
Whether a landlord or property manager is managing a rental, the management process demands similar obligations.
Some of the obligations are:
- Finding tenants
- Screening renters
- Signing the lease contracts
- Determining the price of the rent
- Collecting rent
- Maintaining the property
- Receiving repair requests
- Handling tenant complaints and disputes
- Handling apartment turnover
- Returning security deposit
Point of Contact
The major difference between the property manager and homeowners lies in the individual that the tenant deals with on any issues.
If the landlord manages the rental themselves, you will have to deal with the landlord directly anytime you want to communicate.
There are certain merits and demerits of this.
First of all, due to the fact that the landlord is the owner of the property, they will make attempts to please the tenants.
Also, by making the tenant happy, they will get the rent on time and avoid any form of damages to their property.
This provides several advantages for tenants. In contrast, the landlord may take any complaints or issues too personally.
Finally, this may hamper the landlord-tenant relationship.
If the property manager is the point of contact, they can deal with any issues more professionally.
The drawback is that the property manager may not pay much attention to some situations because they are not the homeowner.
Whoever is managing a rental property must have a good understanding of state and municipal landlord-tenant laws.
Resultantly, day-to-day operations of the property, lease agreement and so on must follow the law.
Property managers and landlords utilize different types of lease agreements.
Nevertheless, it is a must for the lease agreement to adhere to the landlord-tenant laws of the locality where the property is found.
Most often, a homeowner obtains a general lease agreement from a lawyer or any other legitimate sources.
The landlord may customize the agreement to suit their specific needs.
Even more, these customizations may include rules concerning pet ownership, quiet hours and rent collection procedure.
Since they handle lots of properties, property managers usually have a general lease agreement for all rental properties.
Requests for repairs or maintenance
Landlords hardly respond to request for repairs or maintenance with urgency.
Therefore, sometimes, seems like it may take them lots of days or even weeks, based on the level of repairs or maintenance required.
The property owner may deal with the repairs or maintenance themselves or hire a professional to do it.
Property management firms usually have a specific, detailed means of handling maintenance and repairs.
Therefore, the majority of them have a team of professionals who they can always call to deal with repairs and maintenance issues quickly.
Cost of Property Rent
Since the homeowner does not have to pay a third-party property manager, their rent is always cheaper.
Besides, one important tip for tenants looking for cheap units is to look for properties that the landlords manage.
Properties that are being managed by property managers are usually more expensive.
This is because application fee, agent fees, and other fees will be added to the original rent of the property.
Should You Hire a Property Manager to Manage Your Rentals?
Advantages of a property manager
- Get someone else to handle all issues and complaints associated with the properties
- Enjoy free time while still getting money on your properties
Disadvantages of a property manager
- Hand over the control of your property to another party
- Spend money on agent fees
Should you rent a property that is managed by a property manager or landlord?
As a renter, you may have issues deciding whether you should rent a property that a property manager or landlord is managing.
This is tricky;
however, you should consider some factors.
Want to rent a property at the best price possible?
Prefer dealing with the homeowner directly or a third-party property manager?
Do you want quick responses to maintenance or repair complaints?
Are you looking for an apartment that is being managed by a credible property management company?
Would you like to hire a reputable and fast-responding manager to help you manage your apartment?
As a result, Reneza is the property management team you can always count on.
Therefore, we offer impeccable real estate services to both property owners and tenants at a relatively affordable cost.