It’s all about ownership.
A property manager is someone who oversees a rental property. They may be in charge of screening tenants, collecting rent, maintaining the property and any other duties a landlord would normally take care of.
A property manager differs from a landlord in that they don’t actually own the property, they’re just hired to take care of a rental so the owner doesn’t have to do it alone. This is usually the case when someone owns multiple properties or an entire building and needs help maintaining all of the rentals and tenants.
What difference does it make if I rent from a property manager or a landlord?
Because a property manager is taking care of multiple rentals at one time, they’re usually highly organized and have formal written processes for every situation, whether its collecting rent or fixing a water leak. They’re often backed by a larger property management company, giving them easy access to resources a landlord might not have, which means issues could be resolved much quicker.
This also means each individual renter may not receive as much attention as they normally would with a landlord. Property managers don’t usually create their own policies and forms, so there’s not as much flexibility with negotiating and paying rent, moving in and out and other renter-related issues. There also may be a lengthier application process and screening.
Pros of a property manager
- Organized and responsive
- Standardized processes
- Resolves issues quickly
Cons of a property manager
- Less personal attention
- Little flexibility
- Longer application process
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