Recent statistics suggest there are approximately 22.6 million rental homes in the United States. Rental properties housing tenants require attention and care. For investors in the real estate industry, one of the most essential decisions you will make is what property management style approach you will take.
Do you need help with rental property, or can you manage it alone? If you hire a property manager, what will they do for you, the investor? This requires learning about the variances between a property manager vs landlord.
Here are the full details to provide you with clarity.
Landlord Duties
First, it is vital to be aware that the landlord is the one who owns the rental property. The landlord leases their single-family house, condo, etc., to tenants. The responsibilities of the landlord include:
- Setting rental rates
- Collecting rent
- Screening tenants
- Enforcing the lease agreement and its terms
- Maintaining the rental property
- Handling maintenance issues and any repairs
In addition to these tasks, the landlord is ultimately responsible for all legal matters.
Duties of the Property Manager
In the property industry, the owner of a rental property hires a property manager to look after it. While many landlords could care for a property themselves, it is time-consuming.
Therefore, a landlord can have a property manager take care of their tasks, as mentioned previously, including tenant screenings. The property manager is someone they can outsource these duties to.
The most significant difference between a property manager and a landlord is that the landlord often has the “responsibility” for matters. For example, a landlord must ensure maintenance and repairs are complete for their rental property.
However, suppose a landlord agrees to allow a property manager to look after their property. In that case, the property manager will handle maintenance and repairs while the landlord still maintains its “responsibility.”
Why Hire a Property Manager?
There are many benefits, including less stress and responsibility for the landlord. The day-to-day duties of managing a rental property can be left to a devoted professional, so a landlord can spend more time on their day job, enjoying time with their family, etc.
Further, a property manager is someone with expertise in managing properties. They can tackle issues more effectively and efficiently because of their knowledge and experience in the property industry. Plus, they can help landlords comply with local laws and regulations, as they are up-to-date and well-versed.
Property Manager vs Landlord
The most significant difference between a property manager vs landlord is that a property manager will handle duties, while the landlord is responsible for fulfilling them. Landlords are essentially outsourcing their commitments to their tenants and their rental properties.
In the real estate industry, renting a property has many challenges, and it pays to have a reliable ally to meet these complexities head-on. Look no further than Outland Real Estate to help you with your property management needs. Whatever you need to give you peace of mind, we will make it happen!
Contact Outland Real Estate today to learn more!