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Family-Owned Property Management: Do Tenants Get More Apartment Rental Advantages?

5 months ago · · Comments Off on Family-Owned Property Management: Do Tenants Get More Apartment Rental Advantages?

Family-Owned Property Management: Do Tenants Get More Apartment Rental Advantages?

Justin Becker

Updated: April 10, 2020

When it comes to renting an apartment, there are many places from which to choose. In addition to the types of apartments that are available, the other important factor is who is renting the apartment to you. There are family-owned property management companies and properties that are run by a third party. There are pros and cons to each type of managed property. However, when it comes to advantages, most of the time, renting directly from a landlord is going to be the best option. 

Work With a Real Person

When you choose to rent from a family-owned property management company, you are going to be dealing directly with the person who owns the property. This provides many benefits. The first benefit is the fact that these people care about the property, which means that they are going to do what they can to take care of it. When you rent from a third party company, there is a lack of attention as the person is mostly just doing a job that they are being paid for. 

You will only have one person that you are holding accountable should anything go wrong while you are living in the home. In managed communities, there are a lot of red tapes that you will have to wade through if there are persistent maintenance issues that are not being resolved. For example, if your rent is charged twice because of a banking error, it can be a nightmare trying to get your money back from a third party managed community. This does not happen when you are only dealing with a landlord. When you choose a family-owned property, there is a single person responsible for fixing any issues that you have. 

More Options

Perhaps one of the best advantages that come from choosing family-owned properties is that you are going to have access to different size options of homes and neighborhoods that you will not get when you choose third party managed properties. From larger apartment buildings in different communities to mobile homes, condos, and duplexes, there are many more options available when it comes to properties that are run by landlords. 

Negotiating

When it comes to dealing with a landlord, you will have a specific person that owns the property. This person is the same person that you are handing your rent checks to. Not having to deal with a third party has many advantages. For example, you might be able to negotiate the price of the rent and also any changes to your rent. When you rent from a third party managed property, you will find that there is often no flexibility in the lease. Family-owned properties will set their rent based on their personal needs. A third party managed property sets rent based on many factors, including the salary of the property manager. This typically means that you are going to get a much better deal on a rental when you choose a family-owned property to rent. 

Relationships

When you are renting directly from a landlord, there is a much higher chance that you are going to be able to build a decent relationship with them. While you may not have access to maintenance 24 hours a day like you might with a third party property management company, the chances are that by building a relationship with your landlord, you are going to have a much better renting experience. 

Many landlords will also allow you some flexibility when it comes to decorating or fixing up the place that you are living in. Not all will allow this, but if you live in a third party managed property, you can bet that this will not even be an option. 

What You Should Know About Renting from a Landlord

The advantages of renting from a landlord can be significant. However, it is essential to remember that when you rent an apartment or house, it is a business transaction, and there are some things that you should question and understand before you sign a lease. Here are some questions that you should ask your potential landlord before signing a contract:

  • What is the rental rate? When is rent due each month?
  • What is the average cost of utilities?
  • Are there any amenities included with the property?
  • How long does a typical maintenance call take?
  • When can the landlord enter the apartment without your explicit consent?

It is essential to make sure that you get a copy of the lease before signing. Make sure that you go over all of the details and ask any questions about it that you might have. It is also a good idea to do a walkthrough of the apartment and to take pictures of any damages before you move in. This can help you dispute any claims that you might have caused these pre-existing damages. 

Final Thoughts

Renting is a business transaction and should be treated as such. There are pros and cons of choosing a third party managed property or a family-owned property. Some managed properties might offer a few more amenities, but there is often a lot of red tape to go through when you are dealing with a third party. You will not have these issues when you are dealing directly with a landlord. Third-party run properties are simply middlemen who can get in the way of you dealing with the person who actually owns the place that you are renting. 

The advantages of choosing a family-owned property to rent from far outweigh any disadvantages. If you are looking for a new place to rent, try branching outside the classic third party managed properties, and you are likely to find some great locations that are in areas you might not have thought to look. Also, you might find that your landlord is someone that you can count on and establish a good relationship with. This alone can make renting a much more enjoyable experience.

About The Author

Justin Becker

Justin Becker is a property owner in the state of Michigan and has a passion for managing communities. He owns both apartment complexes and mobile home communities and has been writing his own blogs for his properties for several years.

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