You’ve just bought your first rental property and are ready to get started as a new landlord. But wait, are you just a landlord, or are you a property manager? What’s the difference?
When it comes to rental properties, there may be a few key players. There may be a property owner, a landlord, and a property manager. You are the owner if you own the property.
But what are the differences between a landlord vs a property manager? Keep reading to find out.
What Is a Landlord?
Landlords are property owners that rent out the property. This can be a home, apartment, mobile home lot, condo, or any other kind of property. The key is that the landlord owns the property and is renting it out to others.
Some landlords manage their property on their own. They work with their tenants and manage all of the day-to-day operations. Other landlords hire a property manager, which we’ll discuss next.
A landlord can be a person, couple, or entire family. In addition, it could be a company or other entity.
Most of the time, a landlord only has a small portfolio of rental properties. If not, they most likely need to work with a property manager.
What Is a Property Manager?
A property manager manages the rental property. Many times, this includes handling everything from maintenance to working with tenants. However, they do not own the property.
Property managers can be any third-party. Some property owners employ their property manager directly.
Other property managers work as part of a management firm. These firms can be particularly helpful if you own a few properties or want a more hands-off approach.
While each property manager offers different services, there are some common offerings. Some help you find tenants and vet them. Some may also market your property.
Property managers often collect rent and communicate with tenants as needed. They also handle the maintenance of the property.
Do You Need a Property Manager?
A property manager can guide you through the process of owning a rental property. You can choose to either have them handle all of the details or you can choose only the services you need.
If you own a property, you’ll need to balance the management of it with your job and any other responsibilities. By working with a property manager, you can take many of these tasks off your plate.
Many people choose this option to reap the benefits of real estate investment while still having a hands-off approach. In addition, if you don’t live near your property, a manager may be helpful.
Know the Differences: Landlord vs Property Manager
Knowing the differences between landlord vs property manager can help you fully understand your own situation as a property owner or investor. Working with a property manager can make owning property and renting it out much easier.
If you are interested in taking advantage of the benefits of a property manager, contact Outland Real Estate today.