In the context of property management, generally the word "landlord" is used to describe the position occupied by a property owner or manager. In most cases, a landlord works on a part-time basis as an owner of a property - renting it out to tenants for a profit - with the role of being responsible for the upkeep of the property. In residential property management, in particular the management of multi-family dwellings, the word "landlord" is sometimes used interchangeably with that of a property manager. In residential property management a landlord or property owner is someone who is an actual owner or managing owner of commercial property, such as apartment buildings and retail properties.
This post elaborates more on the topic, so you may need to check it out.
In the context of property management services, it's important to point out that these same landlords and property managers also have some responsibility when it comes to maintenance and upkeep of their rental properties. Usually, there will be a property maintenance contract between the landlord and tenant which describe the rights of both parties, and the responsibilities of each party, to include how the property is to be managed. While most leases will outline the duty of either party to include maintenance duties in the contract, not all do. For this reason, many landlords and property managers provide their own individual service contracts with detailed instructions as to what maintenance duties the landlord is expected to perform and what the tenant is expected to pay him or her for those duties. Landlords can be extremely tough when it comes to maintenance, often requiring their tenants to complete certain tasks before even being told when repairs are needed, such as replacing an air conditioning unit or carpeting a small room.
When tenants perform certain job tasks before having the property management services contractually obligated to them, such as installing a security system, it's important that the tenant be paid for the expense of that service, and in some cases, the tenant may be required to pay for the cost of materials used in the work. This is why a rental property owner or manager needs to be very careful when choosing to underwrite the cost of a repair job with his tenants. Often, if a tenant is responsible for doing major or expensive repairs, it may be possible that the tenant is fully liable for those expenses. If a landlord is insuring his rental properties under a general liability policy, it's critical that he clearly states in the policy that if the tenant does not perform job-related repairs, he or she will be fully responsible for the deductible.
When a property owner or manager wants to hire professional property management services, it's also important to discover more about these professional managers to find one who have a proven track record of success . Unfortunately, not all management companies and managers have been successful in their operations. One way to determine the success or failure of a management company or manager is to ask previous tenants for referrals. If a property owner or manager has a lot of negative reviews from past tenants, it may be a sign that the company does not care about its tenants and will not do a good job of managing rent collections. Property owners and managers need to make sure they are hiring reputable, experienced professionals with a proven track record of excellent customer service.
Property management services can help landlords or property managers to find quality tenants and streamline their process of collecting late or non-payable rents. In addition, they can also provide tenants with helpful advice on how to budget their rent or minimize their expenses. This advice may come in handy when a new tenant moves in and requires many utilities. The landlord or manager can explain to the tenant all of the options available to them, including payment plans with which they can be happy. A good manager or landlord will also be able to advise the tenant on ways in which the property can accommodate his or her unique lifestyle.
As landlords or property managers, it's important that we never forget about our responsibility to our tenants. We all want to see our rental properties and collect rent from our tenants. However, landlords and property managers must remember that the tenants are paying those fees. With that said, property management services can ensure that the rent is paid on time and that the resident is satisfied with his or her rental residence. In the end, landlords and managers that fully utilize the services of a professional management company can enjoy a thriving, profitable real estate investment. To get a detailed overview of this topic, see here: https://en.wikipedia.org/wiki/Landlord.
