A key question that we get asked a lot! What are the key differences between Landlords and Property Managers, which one should I choose? It all comes down to time, money and dedication. Where do you want to be spending yours?
Introduction:
As a new landlord, there always comes a time when the question of "should I manage or get a property management agent to take of the day to property management for me?"
In the realm of property management, not all landlords are alike. While some landlords simply collect rent, others go above and beyond to ensure their tenants' homes are well-maintained and equipped with necessary resources.
In certain cases, landlords may opt to hire a block management company or take on the management responsibilities themselves. For landlords and tenants alike in Somerset, this article aims to highlight the significant differences between landlords and property managers.
Similarities between Landlords and Property Managers:
The similarities are that both landlords and property managers engage in property management activities. A landlord refers to an individual who owns rental property, while a property manager generally handles the affairs of multiple landlords, acting as their representative.
Property management companies advise their clients on rent collection, repairs, maintenance, and other rental property issues, we are on hand 24/7 to help with anything our tenants need.
The majority of our landlords come in as investors, they purchase the rpoperty, refurbish and want a good return on investment, not all landlords want the hassle, dedication and work that goes with managing their properties.
Landlords vs. Property Managers: Who Benefits from Property Managers?
Property managers can be invaluable resources for landlords. Whether they have 1 or more properties in their portfolio, by delegating responsibilities to property managers, landlords can save time and ensure the smooth operation of their properties through the expertise of professionals.
As property managers, we help to alleviate stress and enhance profit margins by taking charge of maintenance, keeping the property compliant, rent collecting and chasing, repairs, leasing, and other property-related matters.
Property managers also bring benefits to tenants. Rent payments are likely to be processed promptly, and landlords are less likely to increase rent or initiate evictions when a property manager oversees the property, we act as the middle man, helping to bring harmoney to both sides. This is exceptionally clear when having to increase rents, we act as the impartial go beteen, helping to find a great middle ground for both parties.
Additionally, as property managers offer fast and seamless maintenance services, addressing repair requests promptly and ensuring a smooth rental experience for tenants.
We are always on hand for each and everyone of our tenants, each property is set up with a Whatsapp group, ensuring that should there be any maintenance issues, late payments, questions etc, they are always acted on promtly.
Key Differences between Landlords and Property Managers:
The differences between landlords and property managers are significant. While landlords retain complete control and decision-making power over their rental properties, property managers handle the day-to-day operations on behalf of multiple landlords. Property managers bring benefits to both landlords and tenants, ensuring smoother management processes and prompt resolution of issues.
By understanding these distinctions, landlords and tenants can make informed decisions regarding their respective roles and responsibilities within the rental market.
If you are looking for advise on compliance, landlord insurance, thorough testing and vetting of tenants then please do get in touch.
If you're seeking professional property management services in Somerset, the South West or South Wales, give us call.