Liquid fertilizers are just as the name says— in liquid form. These are applied by attaching a hose and nozzle to a spray bottle. The contents of the bottle are usually in concentrated form, thus the need to mix with the water. If you can use a hose, this is an easy method, more so than spreading granular around the yard. Also, since this a liquid, nutrients are available immediately to the roots of your vegetation. Herbicides can also be added or applied during this treatment. But, since the results are immediate, applications will have to be repeated more often than granular, and since liquid is more expensive to begin with, it can be more costly.
PROS: Liquid fertilizer applied to the grass blade and absorbed into the plants system takes effect quickly. Liquid fertilizer transfers from the grass blade to the grass roots where it is stored for future use. Some liquid fertilizer is applied to the soil surface where it gradually percolates into the topsoil layer over a period of time. Liquid fertilizers are less expensive than granular. Their effect on the lawn's appearance is much faster.
CONS: If heavy rain or watering occurs before the fertilizer has had time to be absorbed, some benefits of the application, may be dissipated. Liquid fertilizers are short lived compared to time-released granular applications and require more frequent application.
Following the application of a soluble fertilizer, plants may not be able to take up all the available nutrients, and some of the nutrients may leach below the plant rooting depth with percolating water. Since water "runs downhill" even under the land surface, these leached nutrients may be transported into the nearest lake or stream. Slow-release fertilizers, on the other hand, are designed to release nutrients at a rate more in line with plant needs. This means there is less likelihood that nutrients will leach below the plant rooting depth and be carried with subsurface water toward your lake.
To date, university research has not found any major agronomic differences between liquid and dry fertilizers. The bottom line is that BOTH types of lawn care service can accomplish the same goal—the production of a high quality lawn.