If you’ve been looking into real estate investing, you’ve probably done a lot of research regarding the different types of properties available. For example, you can invest in single-family homes, duplexes, apartment complexes, and other residential units.
Alternatively, you can turn your eye toward the commercial sector. Here, you’ll find everything from retail spaces, office buildings, warehouses, recreational facilities, medical facilities, and more.
Regardless of what type of property you invest in, however, it’s important to understand the difference between landlord vs. property manager. If you’re going to own a property, you need to understand both roles and what they bring to the table.
We can shed some light on the topic. Keep reading for everything you need to know.
What is a Landlord
First, let’s take a look at a landlord vs. property mangers. As a property investor, you would be a landlord.
Landlords are individuals, couples, families, or companies that own a property that they rent to tenants. If they handle the property on their own, they deal with the tenants directly.
- Listing their property for rent
- Interviewing potential tenants
- Drafting a lease agreement
- Collecting rent
- Dealing with maintenance issues and repairs
- Evicting tenants (when necessary)
- Conducting rental inspections
- And more
If you’re a rental investor or landlord with just one or two properties, handling these issues on your own shouldn’t prove too difficult. For certain repairs and maintenance issues, of course, you’ll need to hire professional contractors.
What is a Property Manager
A landlord vs. property manager differs in one major way. Property managers don’t own the residential or commercial property they’re managing.
Instead, they are hired by property owners (landlords) who need help taking care of their rentals. They can also provide valuable property manager tips and guidance to help landlords carry out certain duties on their own.
Typically, however, property managers provide full-service solutions. They have the skills, tools, and resources to:
- List and advertise vacant rentals
- Screen potential tenants (including background checks)
- Provide maintenance and repair services
- Conduct rental inspections
- Manage finances and collect rent
- Give out eviction notices and enforce evictions
- And more
Most landlords feel more comfortable placing their rental properties in the hands of these professionals. Working with a property management company can also help you avoid legal problems. They know about your right and responsibilities as a landlord, as well as the rights and responsibilities of your tenants.
Visit reedyandcompany.com to get in touch with a property management group that can help you manage your rentals and become a more successful landlord.
Do You Understand the Differences Between Landlord vs. Property Manager?
As someone interested in buying a rental property, it’s essential to understand the roles and responsibilities of a landlord vs. property manager. If you choose not to work with a property management agency, you’ll need to handle everything on your own. While this will save you money, it will also eat up a lot of your time.
For more landlord tips, stick around and look through some of our related articles. Our blog was created to help people from all walks of life become more successful.