Managing rental real estate requires the right balance of skills: the ability to negotiate with tenants, understand the latest laws and rules regarding renting (like fair housing requirements and local ordinances), and be a bodyguard to your investment. Landlords need to be able to do this at all hours, which can make it difficult to be involved with your kids’ soccer games or to attend meetings at work.
A property manager is a lifesaver for landlords who need help with all of this. These professionals are skilled at handling tenant issues, maintenance requests, and finding replacements. They’re also adept at resolving issues quickly and efficiently without having to involve owners in every issue or rely on a “quick fix” solution that may not last.
Unlike a private landlord, who typically has a smaller portfolio of 2 to 4-unit properties and single-family homes, property managers often manage dozens or hundreds of units. This can mean they have a more business-like approach and less of a personal attachment to each unit. This can be good or bad for tenants, as it may result in them not responding as quickly to problems as a private landlord would.
While a private landlord can be a good option for some tenants, it’s important to research them thoroughly before signing any lease agreements. They might have different policies for addressing maintenance issues, quiet hours, pet policies, or rent payment options. They might also have a more limited lease agreement or be more strict in their terms and conditions, especially around security deposits, renewals, and terminations. private property management