The rental industry is composed of many different types of people involved at various levels with the management of rental properties. Two of the most common roles within the industry are that of a property manager and a landlord.
While these two positions may seem very similar to each other, there are some key differences between them that you should be aware of before signing any lease agreement.
So what’s the main difference between a landlord and a property manager? The primary distinction between the two is that a landlord owns the real estate while a property manager represents the landlord’s interests. In this article, we’ll talk more about the different responsibilities of the two individuals.
What Are the Responsibilities of a Landlord?
A landlord is a person who owns property and rents it out to tenants. This includes both residential and commercial properties. A landlord typically owns the building and its contents, such as furniture, fixtures, and appliances.
As the property owner, the landlord will be responsible for ensuring the property is maintained correctly and that all necessary repairs are made.
When someone is looking to rent a property, landlords do the background checks on them. They do this by checking credit reports, criminal records, and references from family members. If they find anything negative, they might not want to rent to that tenant.
Landlords often hire professional property managers to oversee the daily operation of their properties. These professionals usually charge a monthly fee based upon a percentage of the income generated by the property.
In addition, landlords may also use professional property managers to help market their properties. For example, they may advertise the property through online classified ads, local newspapers, flyers, and more. If they choose to do so, they will pay the property manager a commission if the property is rented.
What Are the Responsibilities of a Property Manager?
As mentioned earlier, a property manager oversees the property’s daily operations. This includes everything from collecting rent payments to ensuring that the property is being kept clean and safe for potential renters. A landlord hires them to manage their property, and it can either be a one-person business or a large company.
Property managers are responsible for overseeing everything related to the property, including hiring and firing employees, managing maintenance issues, collecting rent payments, and more.
A property manager is essentially a general contractor for the landlord. They have overall control over the property and ensure that everything is running smoothly.
There are some cases where a property manager works for different landlords. Some landlords prefer to handle things themselves while others hire a third party to take care of the details of the matter.
For example, Apartments Near Me – a landlord and management company when it comes to breaking a lease, a landlord could decide to break the lease himself or contract a property manager to handle the situation.
Types of Property Management Services
To make things easier, many landlords turn to property management companies to take care of their needs. There are three types of property management services:
Full-Service Property Management
A full-service property manager takes care of every aspect of the property. A full-service property manager handles everything from advertising the property to collecting rent payments to handling any problems that arise with the property.
Limited-Service Property Management
A limited-service property manager only deals with certain aspects of the property. For instance, a limited-service property manager would normally collect rent payments but wouldn’t handle any other issues that come up with the property.
Fee-Based Property Management
A fee-based property manager charges a set monthly fee for taking care of a property. The fee varies depending on how long the property is managed, what kind of property it is, and whether additional fees are associated with it.
In addition, property management companies can offer services based on the kind of property they need to manage. For instance, they may provide residential property management services for different types of residential properties such as apartments, townhouses, condos, and single-family homes.
On the other hand, they may offer commercial property management services for office buildings, shopping centres, warehouses, and industrial parks.
Can the Responsibilities of a Property Manager and Landlord Overlap?
In most cases, there can be an overlap between the responsibilities of a landlord and those of a property manager. This is because they need to align their interests so that they can work together effectively. Some of the times wherein the responsibilities of a landlord can overlap with those of a property manager include:
- Managing the property’s finances.
- Handling tenant relations.
- Make sure that the property is being properly maintained.
- Finding a successful real estate agent to sell the property.
- Maintaining the property’s safety standards.
- Coordinating repairs and improvements.
Property managers help landlords by managing their properties. They do this in several ways, including providing maintenance services, finding tenants, and even offering property marketing services. In return for these services, landlords pay them a fee.
It’s important for both parties to work together effectively to achieve their goals when it comes to renting out their property.
Author: Kat Sarmiento (content writer)
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