Landlord Vs Property Manager- Which one Should You Rent From
Life is full of choices. Chocolate or vanilla? Coffee or tea? Landlord or property manager? Deciding whether to rent from a landlord vs a property manager in Salt Lake City can be a difficult decision because there are positives and negatives to each method. Here are some of the things you should consider:
First, What is Property Management?
Typically, either a landlord or a property manager is responsible for managing a rental property. As a tenant, you will deal with one of these before and after you move into a new property.
Here are some of the responsibilities associated with property management:
- Tenant screening. This is the process that determines whether the prospective tenant will fulfill the terms of the lease or rental agreement, which include paying the rent on time and taking care of the property. Tenant screening often involves credit referencing and background checks.
- Collecting rent.
- Handling maintenance and repairs.
- Responding to complaints if something goes wrong inside the property.
- Pursuing evictions if the tenant has broken the terms of the lease.
There are other tasks associated with property management, but these are the main ones that affect tenants.
Whats The Difference Between A Landlord And A Property Management Company?
Although landlords and property managers essentially do the same thing, there are differences in how they do it. In the most simple terms, a landlord owns the property; a property manager manages the property.
A property manager serves as a “middle man,” acting as an intermediary between the tenant and landlord. When you live in a home managed by a property manager, you might never meet your landlord during the entire tenancy. Everything you do as a tenant — paying rent, collecting your security deposit, resolving issues, etc. — goes through the property manager.
All of the above provides you with extra protection. Although property managers work on behalf of landlords, they need to follow strict tenant protection laws that safeguard you as a tenant. As there’s an element of distance between you and the landlord, you are less likely to disagree about a property-related issue.
Property managers provide landlords in Salt Lake City with lots of benefits too. These professional companies take care of the hard work associated with the day-to-day management of a property, which frees up the landlord’s time. Research suggests that 51 percent of landlords use a property manager.
Landlord vs. Property Management — Different Properties in Salt Lake City
Both landlords and property managers are responsible for all different kinds of properties in Salt Lake City, but landlords tend to manage more single-family homes and small multi-family homes. Property managers, on the other hand, often manage a large portfolio of properties in different SLC neighborhoods. These might include large multi-family homes and even commercial properties. Renting a house through a property management company, therefore, usually means that the company has experience with managing all different types of properties.
Paying Your Rent
Some landlords only accept check payments or bank transfers, which can make it more difficult to remember to pay your rent. You might have to travel to your bank once a month and deposit your rent payment into your landlord’s account.
Property managers usually accept various payment methods, including online rent payments. This makes it easier for you to budget and control your finances every month. You just visit the property manager’s website and pay your rent. It’s as simple as that.
If something goes wrong inside your home, you will need to submit a maintenance request with the landlord or property manager. Some landlords are difficult to track down; others can take days (or even weeks) to fix the problem.
Property managers, however, often utilize the latest technology, so you can submit maintenance requests through an online portal. This speeds up the process significantly. Property managers don’t own the property, so they often manage maintenance issues more professionally.
As mentioned above, some landlords are notorious for poor communication, and you might have to wait a few days for a landlord to even respond to your email or phone call. Good property managers, however, will maintain consistent communication throughout your tenancy, so you can solve problems in a speedy timeframe.
Often, it can be difficult to bring up issues with a landlord. If something is wrong with the property, the landlord might take your complaint personally. There have been many cases where complaints about small issues have escalated into big confrontations. Renting a home managed by a property manager can eliminate this problem.
Property managers are also more likely to know about landlord-tenant legislation and your rights and responsibilities as a tenant. With this legal expertise, a property manager can quickly solve any problems associated with rent and lease agreements.
Many people think that it’s more expensive to rent a property managed by a property manager, but this isn’t the case. As a tenant, it’s not your responsibility to pay the property management company for its services. (The landlord pays the property management company.)
There’s also a misconception that homes managed by property management companies are more expensive because the landlord adds the property manager’s fees onto the total cost of the rent. Again, this isn’t the case. Many landlords in Salt Lake City don’t increase their rents to factor in the cost of professional property management.
Landlord or Property Manager — Which Should You Choose?
When it comes to choosing between a landlord vs a property manager, it all really depends on your personal preferences. Most landlords in Salt Lake City provide a good service to tenants, but leasing a property managed by a property management company provides you with an extra level of protection. It’s more likely you will solve maintenance issues quickly, experience excellent communication, and benefit from a more flexible rent payment system. If you’re a tenant looking for a new home in the Salt Lake City area, consider renting from a reliable, experienced property manager like Wolfnest!