Rental properties are usually managed by either the landlord directly or by a third party property manager. There are positives and negatives to each approach. Learning the key differences can help both landlords and tenants. A landlord can determine if hiring a property manager is the right move, while a tenant can decide if they want to live in a rental that is managed by a landlord or by an outside property manager.

Types of Property Managed

While a landlord or property manager can manage any type of investment property, there are certain property types that are more common to each.

Landlord
Single-family rental properties are often managed by the landlords themselves because it is usually not cost-effective to hire an outside manager. Rental homes with two to six units that are small multi-families are frequently managed by the landlord as well. For most landlords, this quantity still appears doable.

Property Manager
Larger multifamily buildings—those with six units or more—are more likely to have an external property manager on staff. Many landlords might justify a property manager’s cost due to the amount of units.
Portfolios of Properties: For a landlord, a property manager may also oversee a portfolio of properties. This may consist of any arrangement of properties, ranging from a number of single-family homes to a combination of multi-family dwellings and commercial buildings. Commercial Properties: In commercial properties, property managers are frequently in charge of overseeing everyday operations. Properties with Absentee Landlords – A property manager is more often used to handle investment properties where the landlord does not reside in the neighborhood.

Responsibilities
Whether a rental property is maintained by the landlord or by a property manager, there are the same duties involved in managing it. These obligations consist of:

Renters being screened
Lease Agreement Signature
Setting the rent price and collecting the rent are both necessary.
Tenant Complaints and Disputes
Apartment vacancy
Security deposit reimbursement
Point of Contact
One of the main differences between a landlord and property manager is who the tenant will be dealing with on a daily basis. Contact many property management companies & no-fee sites here