Renting from a Landlord vs. a Property Management Company

In a previous post, we made a case for why you should rent a townhouse. However, if an apartment is better suited for your needs, you’ll need to know the difference between renting from a landlord versus a property management company. Both are great options, but depending on what you’re looking for, you’ll need to weigh the realities of both. Read on to discover the difference and never move into a new place without protecting it with a customized Indianapolis Renters Insurance policy.

Initial considerations.

First things first, here are some things to consider before deciding on one or the other:

  • What type of rental are you looking for?
  • How old is the building?
  • How many buildings and units does your landlord manage?
  • Are there on-call options for weekend and late-night emergencies?
  • What is the personality of your landlord?

The differences between the two.

According to Nolo, you don’t need your landlord or property manager to be your friend. What you should expect is prompt service handling repairs and other problems (such as noisy neighbors), reasonable rent increases (if necessary), no hassles regarding return of your security deposit, respect for your privacy and other tenant rights, and honest and clear communication.

It’s important to note that individual landlords likely aren’t going to be available if you lock yourself out of your apartment late at night, especially if they don’t live locally. If there are a lot of locked doors and gates to get through, you might consider a rental management company that provides round the clock service to their tenants.

Rental management companies are also held to a higher standard when it comes to making repairs, handling deposits and remaining professional. Individual landlords might be more of sticklers when it comes to these things as the money comes directly out of their pockets.

A professional property management firm may be a stickler for rules and procedures (such as doing move-in inspections and re-keying of locks with every new tenant), less emotionally involved than an individual landlord/owner, and more rational at arriving at businesslike compromises. An individual landlord, on the other hand, may be more flexible and responsive to your particular needs and interests (such as letting you have a cat, as opposed to enforcing a strict no-pets policy, or add a roommate). On the other hand, this individual attention may sometimes be more intrusive than desirable, depending on the landlord and your personal preferences.

Arriving at a decision.

Evaluate online reviews and talk to current tenants, if possible, to determine the management style and contentment of the tenants. If everyone has great things to say, or only sheds light on minor hiccups, then you can have some peace of mind moving into the space.

About Walker & Associates

If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.