Free Rent: Myth or Reality for Property Managers?
A Property Manager is the perfect link between property owners and tenants. He is committed to maintaining a harmonious relationship between the two parties by addressing concerns promptly and efficiently. At Freedom House Property Management, we ensure that a property management position comes with many essential responsibilities but also satisfying perks and benefits. Does that mean we offer 'free rent' to our property managers? It might be an excellent option to scroll through this blog and get some clarification on that multifaceted question!
How Is a Property Manager Different from an Apartment Manager?
Two terms often used interchangeably (although incorrectly) are 'apartment manager' and 'property manager.' We want to help you better understand these Freedom House Property Management roles.
An apartment manager is typically responsible for the day-to-day operations of a single, multi-unit apartment complex. The owner or a property management company directly employs such managers. Their responsibilities include collecting rent, addressing tenant complaints for that specific building or complex, coordinating maintenance and repairs, and showing units to prospective tenants.
A property manager often has a broader range of responsibilities. While they may manage several apartment complexes, they could also oversee single-family residential homes, commercial buildings, or condominiums. Their duties encompass an apartment manager's responsibilities. They liaise with owners and investors, set rental rates in line with market trends, attract and screen prospective tenants, issue lease agreements, coordinate maintenance and repairs, and even handle evictions.
Freedom House Property Management provides comprehensive property management services, ensuring that your investment is well cared for and your tenants are happy. Our expert's role goes way beyond that of a regular apartment manager, and he handles extensive aspects of property management for you.
What is 'free Rent' and What Other Terms Should You Know About It?
First, let us define 'free rent.
In some properties, a property manager might typically live on the residential premises and oversee its operations. When the landlord permits such a manager (who is also now his tenant) to reside in it without paying rent, the practice is called free rent or rent concession. Depending on the specifics of the agreement between them, on-site property managers might receive free rent or reduced rent as part of their salary package.
Why is having the property manager reside on the same site beneficial?
We have already seen that the property manager's role is multifaceted. A property manager's job is a 24/7 responsibility, and it is advantageous for the manager to live on-site. Some of the potential benefits of having such an arrangement include:
Quicker response time to issues
Improved tenant relations, which can lead to higher tenant retention
Better on-premise supervision
Managing after-hours emergencies
Smooth and effective maintenance management
Rapidly fill vacant spaces
Should a property manager always stay on-site?
The specifics surrounding a property manager's residence on-site or off-site will differ based on the complex's size, location, and company policies. Free housing might be impossible in smaller complexes or places with a higher cost of living. Here, property managers might receive a housing stipend or a discount on their rent instead.
Our Take on 'Free Rent'
Freedom House Property Management delivers exceptional services to owners and tenants, providing a pleasant rental experience. Free rent or not, the actual value of a property manager is in their expertise and commitment to the role.
A property manager takes care of the bigger picture, potentially freeing up the time of property owners and tenants, reducing stress, and ensuring a steady stream of rental income and well-maintained real estate. Our property managers know the value of such an important position and place it above the daily demands and responsibilities that come with it.
In summary, while many property managers benefit from free or reduced rent, it is not a universal perk. It's always recommended to clarify such details before accepting a property management position. Freedom House Property Management does not offer free rent to its property managers. The company operates professionally, and all services, including property management, are compensated accordingly.
