As a renter, you have a multitude of options when searching for a place to call home. The world is your oyster. One of your many options is renting from either a private owner or a property management company. Like most others in your position, you’re probably thinking “What’s the difference?” or “Why does it matter?” Renting through a property management company can sound unappealing to renters. Some worry that companies are more likely to charge hidden fees or be more or less involved than a private owner. The reality is quite the opposite.Property management companies are required to have their Real Estate Broker’s license. This ensures that the individual overseeing your residence is a trained professional, unlike a private owner. Property management companies are also governed by Real Estate Commission laws.Property management companies are also responsible to hold your security deposit in a separate trust account. This is important because it is ensured that your money is handled fairly at the time of move-out. There are laws regulating what a property manager can and cannot allocate your security deposit to. A private owner is less likely to know and abide by those rules. This is especially risky if there are disputes between the tenant and owner.
Another thing to understand is that the property management company services the landlord. The landlord is the client, while the tenant (you) is the customer. At Penner Property Management we place tenants in our client’s properties and maintain them from there. We are a full service management company, meaning that we collect rent, take care of maintenance, and any other day to day management duties. This makes our company the buffer zone between you and the owner and helps to eliminate the possibility of tenant-landlord disputes.
