By Mark from Connectzapp
Rental Manager vs Property Manager
Property Manager and Rental Manager are the names given to a person who oversees and manages real estate (property). A property or rental manager is usually a qualified real estate agent.
A property investor hires a property or rental manager to:
- Find a tenant for their property (apartment, house or commercial property)
- Collect the rent
- Ensure the property is properly maintained by the tenant
- Arrange repairs and maintenance of the property
- Ensure the property is left in a similar condition when the tenant moves out, as to when they moved in
A property or rental manager manages residential, commercial and industrial properties on behalf of the owner. Usually, each property managed has a single owner called a landlord, however some owners may own multiple properties.
Compared to a property manager or rental manager who manages properties owned by multiple owners, an estate manager is an executive responsible for a large number of properties owned by a wealthy individual, family or company. They hire and manage staff who then manage the properties on behalf of the owner.
Depending on the property, an estate manager may be an on site property manager. This means they work from the property they manage, such as a shopping mall or large industrial complex.
Rental Property Management
Property Management Services, or Real Property Management as it is sometimes called, is the business of being an agent of the property owner and managing the property on their behalf. This involves:
- Advising the owner of the likely rental income of the property
- Inspecting the property to ensure it safe and legal to house tenants
- Marketing the property to attract a good quality tenant at market rent
- Showing the property to potential tenants
- Arranging the lease with the tenant
- Ensuring the tenant pays a ‘bond’, usually equal to 1 month’s rent, at the start of the tenancy, to cover any damage or non payment of rent during the tenancy
- Making periodic inspections over the life of the tenancy
- Inspecting the property when the tenant vacates to ensure it is left in similar condition to when the tenant moved in
Property management fees are usually tax deductible for landlords and are considered part of the cost of owning an investment property.
Property Management Companies
Real estate Management is performed by companies who specialise in professional property management.
A rental management company will offer:
- Commercial property management
- Residential property management
- Apartment property management
- Executive property management
All these services fit under the umbrella of investment property management.
Take a look at these interesting and fun
Property management companies near me to work for
You can also use the Connectzapp App