When it comes time to start looking for a place to live, you may find yourself dealing with a property manager or with a landlord. The two roles differ considerably. If you’re looking to build a personal relationship with the person renting the property to you, you might want to deal with a landlord. If you prefer to deal with a professional company, a property manager is the person for you.
About Landlords
Landlords own the property that they rent out to tenants. Landlords begin their search for tenants by placing property notices in the newspaper, in public locations and the Internet. Landlords screen prospective tenants and ask them to give permission to do background or credit checks. Once they’ve selected a tenant, they deal with the tenant directly. For example, if a toilet overflows or some other plumbing disaster strikes, the tenant will contact the landlord, who is then responsible for making the repairs.
About Property Managers
Unlike landlords, property managers usually don’t own the property. Instead, they manage it. Property managers themselves sometimes work for a larger property management company or corporation. Property managers serve as go-betweens when issues about property maintenance occur. So, when that toilet overflows, a tenant contacts the property management company, not the owner of the building. The property manager will then handle the problem, first by contacting a plumbing firm, and then presenting the plumbing bill to the property owners.
Property Manager Requirements
Because they spend their days managing one or more properties, the major requirements for property managers are being responsible, organized and businesslike. Property managers may have to undergo a background check before the property owners hire them. At least a high school level education or Graduate Equivalency Degree is required. Larger property management firms may require some college level courses, such as accounting, finance or business.
Landlord Requirements
The only thing you need in order to become a landlord is ownership of property that you want to rent out. Although there are national organizations, such as the Association of Independent Landlords, that landlords can join, there is no requirement to do so. Landlords may find it more helpful to join a local landlord association or chamber of commerce. These organizations help landlords mitigate tenant issues and can also perform other services, such as holding a tenant’s deposit in escrow. Publicly funded agencies, such as a tenants’ right office or legal aid society, also help to resolve disputes and prevent people from becoming homeless.
From: http://work.chron.com/
