For UW-Eau Claire (UWEC) students transitioning from dorm life to renting off-campus housing, deciding between renting from a private owner or a property management company is a decision to consider. Both options come with their pros and cons, and understanding these differences can help students and their parents make the right choice. Whether you’re looking for a house or apartment in Eau Claire, WI, this paper will help you weigh the options between private owners and property management companies.
Renting from Private Owners
A private owner is usually an individual who owns and manages one or a few rental properties. These are often homeowners who rent out their extra property. It may be their first home that their family outgrew, a property they inherited, or an investment.
Pros of Renting from Private Owners
- Personal Connection: Private owners are more likely to build personal relationships with their tenants. Because they manage fewer properties, they may take more interest in who rents from them and are often more flexible in handling requests and issues. For example, if you need to negotiate a place to store your canoe or have a special request, private landlords are often willing to accommodate.
- Flexible Lease Terms: Private owners may be open to customizing lease agreements to better suit your needs. This can include things like shorter lease terms, allowing pets, or lowering the security deposit. If you need to rent for just the summer, private owners may be more willing to work with you than larger companies with strict lease policies.
- Potentially Lower Costs: Some private owners do not have a good pulse on the market and have not realized that rent prices have drastically increased in recent years. They may offer lower rents or negotiate on things like security deposits. Overhead costs that come with running a business are managed at the discretion of the owner, so if they like the tenant they might skip increasing rents on a lease renewal.
Cons of Renting from Private Owners
- Less Professionalism: While some private owners are highly professional, others may not be as organized as a property management company. You may face delays in repairs, inconsistent communication, or unclear lease terms. For example, a private landlord might not have a formal maintenance system in place, making it harder to get repairs done quickly.
- Inconsistent Standards: With private owners, the condition of the property can vary widely. Some landlords take great care of their homes, while others may neglect repairs or fail to properly maintain the property. If you rent from a private owner, make sure to inspect the property thoroughly before signing the lease to avoid problems later on.
- Limited Availability: Private owners typically have fewer properties available than companies. This can make it harder to find a place that meets your specific needs, especially in a college town like Eau Claire where demand for housing can be high. Private owners are often the 24/7 on-call person that might have a phone issue, or the phone turned off while they are at the cinema.
Limited Technology: Private owners might not have the sophisticated software that students are accustomed to using; such as online payment options, online chat, and electronic copies of lease documents stored on the cloud with access through a tenant portal.
Renting from Property Management Companies
Property management companies are businesses that manage multiple rental properties. These can range from small local firms to large companies.
Pros of Renting from Property Management Companies
- Professionalism: One of the biggest advantages of renting from a company is the level of professionalism. Companies often have systems in place for everything from repairs to rent collection. This can mean fewer hassles for tenants when it comes to maintenance requests or paying rent. Example: Most property management companies offer an online portal where tenants can pay rent, request maintenance, and view their lease, making things much more convenient for busy students.
- Standardized Services: Property management companies usually have set processes for dealing with repairs, emergencies, and complaints. This means you can expect faster service and more consistent responses. If your heat goes out in the middle of winter, property management companies often have 24/7 service hotlines to handle these issues quickly.
- More Options: Because they manage multiple properties, companies usually have a wide range of housing options available. Whether you’re looking for a one-bedroom apartment or a large house to share with friends, a property management company is likely to have something that suits your needs.
- Clear Lease Terms: Property management companies have formalized lease agreements that are often standardized across their properties. This reduces the risk of unclear terms or unexpected surprises later on. You’ll know exactly what’s expected of you and the landlord when it comes to repairs, cleaning, or renewing the lease.
Cons of Renting from Property Management Companies
- Less Flexibility: Property management companies are careful to follow fair housing laws. Negotiating creates inconsistencies across lease terms which causes gray areas. Gray areas concern management companies that this might cause fair housing violations. This concern can make the management company rigid in its lease terms. For example, if you want to sub-rent an apartment for the summer only, property management companies may not allow this, which could be a dealbreaker for students with temporary needs.
- Higher Costs: Rent through property management companies can sometimes be more expensive. The companies need to cover their overhead, so they may charge higher rent or impose additional fees. The management company has an obligation to make a profit for the property owner.
- Impersonal Relationships: Unlike private owners, property management companies tend to have a more businesslike approach. While this ensures professionalism, it also means you won’t get the personal touch or flexibility that comes with renting from a private owner.
- Fewer Customization Options: With property management companies, you’re unlikely to be able to negotiate much beyond the standard lease. This can include everything from pet policies, deposit amounts, and even the paint color on the walls.
Which is Better for UWEC Students?
Both private owners and property management companies have their pros and cons. For UWEC students and their parents, the decision will depend on personal priorities.
- If you value professionalism and reliability, a property management company may be the better choice. You’ll have access to a wider range of properties, clear lease terms, and consistent maintenance services.
- If you prefer flexibility and lower costs, renting from a private owner might be the better option. Private landlords often offer more lenient lease terms, lower deposits, and a more personal approach. The personal touch of the right owner could be another benefit.
Finding the right rental property in Eau Claire requires careful consideration. As a student or parent, you’ll need to decide what’s more important—flexibility or professionalism. By understanding the pros and cons of renting from private owners versus property management companies, you can make an informed decision and find the perfect off-campus home.
Disclaimer
Hey there! Thanks for reading our stuff. We want you to know a few important things:
- We're General Property Management LLC, right here in good old Eau Claire, WI. You can make an appointment to visit us. Our office is located at 703 5th Avenue #1, Eau Claire, WI 54703 or send written correspondence to General Property Management, LLC, P.O. Box 283, Eau Claire, WI 54702.
- If you need to reach us, our email is contact@ec4rent.com and our phone number is 715-832-1200.
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