Property Manager vs Landlord: What’s the Difference?
What does it take to be a good property manager? What about to be a good landlord? Well, it won’t surprise you to learn that the skills for either one are similar. However, their work environment and responsibilities differ. So if you are thinking about getting into property management of any kind you should know the key differences between a property manager vs landlord.
Read below to learn more about each one and whether you would be a good fit.
What Is a Property Manager?
A property manager is an individual that is paid by the building owner to perform certain tasks for the tenants of the building. Property managers usually work in large multi-unit apartment complexes, multi-family buildings, or commercial properties (i.e., an office building). A property manager may also manage several properties owned by the same person or group.
The duties of a property manager may include but are not limited to:
- Preparing units for new tenants
- Advertising the property
- Interviewing prospective tenants
- Collecting rent
- Managing tenant complaints/arranging repairs
- Oversee other employees on the property
- Handle records for tax purposes
- Keep building up-to-code at all times
Although they do not own the property, property managers have a lot of responsibility to the building owner and the tenants. When tenants have problems or questions the property manager is the first person they contact.
What Is a Landlord?
A landlord is usually an individual who owns a property and rents to tenants. Landlords manage smaller buildings such as single-family rental properties or small multi-family rental properties. With smaller properties, it makes more sense for a landlord to manage the property instead of hiring a building manager to do it.
Sometimes the landlord will live in one of the units of a multi-unit building so they can better manage the building on-site. The duties of a landlord include but are not limited to:
- Manage repair requests
- Collect rent
- Oversee rent agreements/leases
- Handle tenants disputes/complaints
- Screen potential tenants
- Execute eviction policies
As you can see, the day-to-day responsibilities of a landlord are similar to a property manager. However, the landlord may not have as much financial freedom to hire vendors to help with things like landscaping and repairs.
Property Manager vs. Landlord
The main difference between a property manager and landlord is the type of building they manage and their ownership status. Property managers manage larger buildings with more tenants and they don’t typically have any ownership in the building. Landlords manage smaller residential buildings and usually own the building or the units they rent out to tenants.
Keys to Property Management
Now that you understand the differences between a property manager vs landlord, you can decide whether one of these roles is right for you. If you are a highly motivated, organized, people person then property management might be the right choice.
And if you’re looking to get started as a landlord by purchasing a rental property, contact us online. Our agents can help you find the best opportunity for rental properties!
