Landlord vs Property Manager: What’s the Difference?
If you’re going to own rental property, it’s important to understand the differences in function between a landlord and a property manager.
Here’s a quick overview.
What is a Landlord?
A landlord is the legal owner of a rental property, responsible for leasing it out to tenants. This individual or entity holds the title to the property and maintains the ultimate authority over decisions regarding the property.
Landlords may have direct interactions with tenants, handling tasks such as lease agreements, rent collection, and addressing maintenance issues, but others may delegate much of those responsibilities and tenant interactions to a property manager.
What is a Property Manager?
A property manager is a professional or a company hired by the landlord to oversee the day-to-day operations and responsibilities associated with managing the rental property.
They serve as a mediator between the landlord and the tenants, handling tasks that may include advertising vacancies, screening applicants, coordinating repairs, and ensuring compliance with local regulations.
Ownership vs Management
The primary distinction between a landlord and a property manager lies in ownership versus management. The landlord is the legal owner of the property, whereas the property manager is engaged to take on the operational duties associated with the rental.
This division of roles allows landlords to focus on ownership-related aspects such as property acquisition, financing, and long-term investment strategies, while the property manager ensures the property runs smoothly on a day-to-day basis.
The scale of your rental property ventures can also play a crucial role in determining whether to take on all responsibilities as a landlord or hire a property manager.
Landlords with a smaller portfolio of properties may find it manageable to handle the operational tasks themselves, while those with a larger number of units or properties scattered across different locations may benefit significantly from enlisting the services of a property manager.
Property Management Service in Utah
While landlords hold the ownership title and ultimate decision-making power, property managers can be the gears that keep the machinery of your rental business running smoothly.
Our team at Joseph Thomas helps Utah landlords in just about every way they could need! Ready to see what we can do for you?