When it comes to the hierarchy of rental properties, there is a common misconception that makes the details a little hazy for many and perpetuates false impressions. Many people will use the terms “landlord” and “property manager” interchangeably; but did you know that they actually aren’t the same thing?
When you rent a property, it’s important to know all the facts; and this is a pretty important one!
Landlord
Merriam-Webster defines a “landlord” as “the owner of the property (such as land, houses, or apartments) that is leased or rented to another”. When it comes to your rental home, knowing that your landlord is the private owner of the property you live in is an important separation to make; the property owner can choose to manage the property themselves and interact directly with you, or they can choose an alternative: hiring a professional property manager who is more familiar with the ins and outs of property maintenance and rental laws and regulations to benefit both the landlord and the tenant.
Property Manager
As mentioned above, a property manager is someone (an individual or company) who has been hired by a property owner to maintain the property. It is the responsibility of the property manager to ensure that the property owner’s investment is protected; they do this by making sure regular maintenance occurs, and that they find good, responsible tenants who will also care for the property.
While the duties of a property manager include room for some autonomy as they go about regular responsibilities like rent collection and scheduling maintenance services, they do still have to answer directly to the landlord. While the property manager often sets the cost of rent, that cost is influenced by the current market prices as well as how much the property owner feels they should be getting from the property. Ultimately, property managers are still employed by the property owner and therefore are expected to complete their duties every month.
The Chain of Command
While property managers are a tenant’s direct point of contact, it is important to remember that your property manager is employed by the person who owns your home and treat them with kindness. When they collect your rent or set deadlines, they are only doing their job, just as you do when you go to work every day!
Whether you are a tenant or a landlord in the Treasure Valley area, the team at Iron Eagle Property Management is here for you. We are proud to offer superior local property management services.
If you have questions about your lease agreement or anything else surrounding your rental home, please contact us and we will be happy to help!