Although many people don’t realize it, the titles “landlord” and “property manager” don’t signify the same role. There is some overlap between the roles, however. For example, both landlords and property managers often share the goal of renting out spaces. And these spaces may be full-sized homes, office areas, or smaller apartment units.
The major difference between the roles involves their relationship to the property. As the name implies, a landlord is someone who actually owns the property. In some cases, a landlord may simply manage their own property. But if the landlord doesn’t want to handle that task, a property manager can step in.
A property manager is someone the landlord trusts to manage the property and oversee any business dealings, such as renting the space out. Property managers don’t work for free, however. The landlord pays for the service.
Differences in Responsibilities
Once a landlord hires a property manager, the manager is responsible for taking care of the property and, to some extent, the tenants. However, when it comes to paying for maintenance, repairs, and other expenses, the funding comes from the landlord or rent. If a property manager isn’t involved, the landlord will directly act as caretaker of the property.
Whoever is managing the property will need to routinely complete the following tasks:
- Evaluate the local market and set and adjust rental prices
- Advertise unit vacancies
- Screen potential tenants and approve them
- Make sure the property is compliant with codes
- Prepare units for new tenants
- Collect rent and ensure timely payments
- Create a lease
- Inspect the property for damage for maintenance issues
- Hire contractors for repairs
- Take care of evictions
- Address tenant concerns, such as needed repairs and noise complaints
- Store and organize business records
- Prepare taxes and deal with other financial matters
This isn’t an exhaustive list of duties. So, it’s no surprise that many landlords prefer to shift the responsibilities over to a property manager.
Differences in Interactions with Tenants
Tenants may find that interacting directly with a landlord is quite different from interacting with a property manager. These interactions can differ in two key ways:
Because a property manager is essentially acting in place of the landlord, they may be stricter in enforcing lease terms. Tenants will likely find that landlords are more personable and flexible, especially after they build a relationship over time.
Speed in addressing complaints and concerns:
Landlords may be slower to address tenant needs, such as repairs. This can be especially true if a landlord owns multiple properties. Certain issues, such as a busted HVAC system, can really make a tenant’s stay uncomfortable. So, property managers are beneficial for landlords and tenants alike.
If you own property and find yourself struggling to keep up with tenants’ concerns, reach out to our Aurora property management service. We can handle everything from scheduling repairs to collecting rent. And when you have vacancies, we can market the property and find and screen tenants.