Renters rarely concern themselves with the roles of a landlord vs. property manager. All they're concerned with is having a contact person to give their rent to and someone to call for maintenance issues.
The reality is these are two very different roles. As a property owner or real estate investor, you need to know the difference between landlords and property managers.
In this article, we'll walk you through those differences. Keep reading to learn more.
What Is a Landlord vs. Property Manager?
A landlord is generally seen as a property owner with housing to rent. The property can be a single-family home or multi-family housing. A landlord could use rent as extra income, or it can be their sole income.
In addition, the landlord bears all responsibility and liability for the property.
When someone hires a property manager, the owner is still legally responsible for the property. However, the day-to-day operations are the responsibilities of the property manager.
Landlord Duties
Landlord duties can seem endless. They include:
- Marketing the property
- Interviewing tenants
- Collecting rent
- Maintenance
- Evicting tenants
- Lawncare
The list goes on. The point is, as a landlord, you're responsible for overseeing everything. Tenants can call you at any hour of the day or night. If your screening process is off, you can end up in court trying to get a renter out of the house or apartment.
Property Manager Duties
What does a property manager do if a landlord does all those things? The responsibilities are quite similar. The difference is property managers are experienced in managing multiple properties.
Property managers can be self-employed, managing one or more properties. Or they can work for a large property management firm.
Their services are outsourced, taking the significant responsibilities from the property owner. The greatest asset is their knowledge of the rental industry.
Why Real Estate Investors Should Hire a Property Management Firm?
Real estate investors are in the business of building a portfolio. Their time and energy should go into researching the housing market for new opportunities. In most instances, property management is not their strength.
Instead, they hire property management firms to manage their units' day-to-day operations.
The management company will assign a property manager to the locations. In addition, management companies have the resources to utilize management software to streamline processes.
Properties are well managed, maintained, and tenants have direct day-to-day contact on-site. Everything from rent payments to maintenance requests is handled online. Property management will also handle marketing for the units.
Do You Need a Property Manager?
Now that you know the difference between a landlord vs. property manager, which one is best for your investments? It all comes down to the size of your portfolio.
Are you're moving towards hiring a reputable firm to manage your properties? Austin Property Management is here to help. We have expertise in managing all types of residential housing.
Our team members are experienced professionals ready to go to work for you. Click here to schedule a consultation.
