Although many people don’t realize it, the titles “landlord” and “property manager” don’t signify the same role. There is some overlap between the roles, however. For example, both landlords and property managers often share the goal of renting out spaces. And these spaces may be full-sized homes, office areas, or smaller apartment units.
The major difference between the roles involves their relationship to the property. As the name implies, a landlord is someone who actually owns the property. In some cases, a landlord may simply manage their own property. But if the landlord doesn’t want to handle that task, a property manager can step in.
A property manager is someone the landlord trusts to manage the property and oversee any business dealings, such as renting the space out. Property managers don’t work for free, however. The landlord pays for the service.
Differences in Responsibilities
Once a landlord hires a property manager, the manager is responsible for taking care of the property and, to some extent, the tenants. However, when it comes to paying for maintenance, repairs, and other expenses, the funding comes from the landlord or rent. If a property manager isn't involved, the landlord will directly act as caretaker of the property. Whoever is managing the property will need to routinely complete the following tasks:- Evaluate the local market and set and adjust rental prices
- Advertise unit vacancies
- Screen potential tenants and approve them
- Make sure the property is compliant with codes
- Prepare units for new tenants
- Collect rent and ensure timely payments
- Create a lease
- Inspect the property for damage for maintenance issues
- Hire contractors for repairs
- Take care of evictions
- Address tenant concerns, such as needed repairs and noise complaints
- Store and organize business records
- Prepare taxes and deal with other financial matters