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When inquiring about renting a home or condominium, you may not immediately be aware if the property is being self-managed by the owner or by a property manager or management firm that the owner has hired. There are some benefits and downsides to each. You should first ask who and how the property is being managed. This just could give you an indication of what to expect in your relationship.
Benefits of an Owner Landlord
One of the benefits of renting from a landlord who owns the property is that they have a direct vested interest in maintaining the house. This could mean that they may be more responsive and make repairs properly. Property owner landlords do not like replacing tenants and filling vacancies, so they will often treat their good tenants very well.
Negatives of an Owner Landlord
Often, the biggest downside of an owner landlord is they have too close of a personal connection with a property. They may have even done much of any remodeling or repair work themselves. They can take it personally if there is damage or a repair that needs addressing. This makes them more prone to inspecting the property more frequently. They also are more personally affected if a tenant is late with making a rent payment. They may not have the resources or be willing to spend the money, to keep a property properly maintained.
Benefits of a Property Manager
A professional property manager works as a liaison between the tenant and the owner. This keeps the owner at arm's length, making the relationship more professional and less personal. A property manager has their own reputation to maintain and should try to keep both the tenant and owner happy. A property manager often solely works on managing properties and can spend more time making sure a property is maintained.
Negatives of a Property Manager
Some would argue that the negative to working with a property manager is that they are a paid third-party with no “skin in the game” so to speak. Many property managers also manage their own properties and may manage so many properties they may not have enough time to pay sufficient attention to yours. So property managers are largely impersonal companies and may not offer the personal touch you desire.
Due Diligence Is Key
To key between selecting a professional property manager or an owner tenant usually lies in performing your due diligence before signing a lease. Ask for reference and see our reviews. Any landlord or property manager will ask for references from you. Do not be afraid to perform your own due diligence before making a decision on renting from them.
About the Author
Kimberly Hering
Kimberly Hering's devotion to helping people achieve their real estate goals stems from her genuine enjoyment of the process. Whatever the task, Kimberly makes it her mission to get it done, however she can, without compromising her client's needs. Often, that means thinking outside the box. After working with Kimberly, clients describe her as being Trustworthy, Creative, Patient, Highly Skilled, Attentive to the Process and having a lot of Integrity.
After spending more than 15 successful years working on Wall Street, Kimberly transitioned into Real Estate, joining Alain Pinel Realtors, then moving to Zephyr, now Corcoran Global Living, in 2018. During her career on Wall Street, Kimberly was a Vice President working as an Institutional Equity Salesperson for Montgomery Securities for 10 years. She covered the top money managers throughout the US and Canada. She joined Jefferies & Co as a Senior Vice President managing the Western Region Institutional Sales group, while continuing to cover the top money managers.
Kimberly leverages her extensive experience selling equities to top money managers throughout the US and Canada, to successfully negotiating any Real Estate transaction seamlessly for her clients. Kimberly is well versed in Marin's neighborhoods, towns, cities, and education system.
Living in the Bay Area for 35 years, 25 years in Marin and having 2 sons in local Marin schools, Kimberly spends a lot of time volunteering in the community and serving on various local Boards. Kimberly has a collection of resources ranging from the best local breakfast spots to vetted contractors. With her reliable list of valuable resources, Real Estate experience and unsurpassed knowledge of Marin's many communities, Kimberly can guide her clients through every aspect of a Real Estate transaction seamlessly.
Relocating to Marin, downsizing, upsizing, first time home buying, final home purchase or sale, or a lot to build a dream home, no matter the undertaking, Kimberly works seamlessly until the job at hand is completed with 100% satisfaction.