There are a lot of considerations when you\u2019re finding a new apartment or home to rent.\u00a0 One question that people find themselves asking is, \u201cShould I rent from a private landlord or a property management company?\u201d\u00a0 In this article, we\u2019ll help you research the differences and decide for yourself.<\/p>\n
First of all, we should be clear about our terminology.\u00a0 Typically \u201cprivate landlord\u201d or \u201cprivate owner\u201d is just what it sounds like.\u00a0 When someone owns a building that they are not living in they can choose to rent it out.\u00a0 For the average person, this may sound a bit daunting, but if you\u2019re handy and resourceful it can be a great way to earn additional income.\u00a0 However, most homeowners will tell you that unexpected expenses occur with great regularity.\u00a0 Heat, AC, plumbing, roofs, leaks, etc. all require maintenance and upkeep.<\/p>\n
On the other hand, \u201cproperty management\u201d is pretty much what it sounds like as well.\u00a0 Instead of a property owner making themselves available on-call 24\/7 for maintenance, emergencies, or other issues they hire someone to run the property for them. \u00a0 Property management companies typically employ a variety of contractors for odd-job handyman type of work as well as furnace and air conditioning maintenance and repair.\u00a0 Places run by property managers typically take a cut of the rent as their compensation which may in turn make rent slightly more expensive for you.<\/p>\n
Now we\u2019ll look at a few different issues and weight the pros and cons of property management vs private landlords:<\/p>\n
The average homeowner is not competent or certified in painting, electricity, plumbing, and any other relevant fields for maintaining a home.\u00a0 Will your private landlord be competent and certified in all of those area?\u00a0 In general property management companies will hire or contract experts in every relevant field so you get work done quick and <\/i>properly.\u00a0 For instance, if electrical work is not done properly it might run inefficiently and increase your monthly bill.\u00a0 If you rent from a private owner, be sure to ask them who will do each kind of maintenance work.<\/p>\nConvenience<\/h3>\n
Speaking of maintenance issues, when something breaks will you have to call your landlord and wait until they are free?\u00a0 Will you be able to make requests and\/or payments online?\u00a0 If you lock yourself out at 1 a.m. who will let you into the house?\u00a0 Most property management companies will have a 24\/7 support line for emergency requests whereas a private landlord may or may not be available at any given time. If your private landlord goes on vacation for two weeks and your furnace goes out, what is the plan?\u00a0 With a property management company, you rarely have to worry about that type of situation.<\/p>\n
Here is the greatest advantage of a property owner.\u00a0 In most cases, you can develop a personal relationship with them and there will be flexibility in the terms of the lease and even with the occasional late rental payment.\u00a0 Property management may have some flexibility in their lease agreements, but they generally have guidelines to follow.\u00a0 If it is important to you to customize your rental agreement then a property owner may be the best choice for you, although the lack of structure can also hurt as much as it helps.<\/p>\n
Just as a landlord will likely ask you for personal references, it is a good idea to ask the landlord if there are reviews from former tenants or any way for you to speak with them.\u00a0 It is unlikely that you\u2019ll be able to Google a private owner and see what former tenants thought whereas property management companies will typically have hundreds of reviews available online.\u00a0 One thing to remember is that angry people leave the most online reviews.<\/p>\n
No matter where you rent you should do your homework and learn everything you can in advance.\u00a0 Generally, this will be laid out and accessible when renting from a company rather than a person, but either way, there are some questions you should be sure that you know the answer to before signing a lease:<\/p>\n
We hope this has been helpful, if there are any questions that we didn\u2019t answer then leave a comment and we\u2019ll do our best to follow up.\u00a0 In the meantime, if you\u2019re interested in finding a rental property managed by professionals or if you own a property that you would like management of then be sure to go to Cincy Rents.<\/p>\n","protected":false},"excerpt":{"rendered":"
There are a lot of considerations when you\u2019re finding a new apartment or home to rent.\u00a0 One question that people find themselves asking is, \u201cShould I rent from a private landlord or a property management company?\u201d\u00a0 In this article, we\u2019ll help you research the differences and decide for yourself. First of all, we should be […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4,60,61,62],"tags":[],"class_list":["post-670","post","type-post","status-publish","format-standard","category-cincinnati","category-landlords","category-property-management","category-rental-properties","entry"],"yoast_head":"\n