There is a wide variety of property managers, just as there is a wide variety of properties. While some companies only manage one specific kind of property, others provide this service for a wide variety of buildings. It is challenging to provide a succinct definition of property management. The best way to gain a feel for the field is to learn about the various areas of property management. Familiarize yourself with the various specializations of property management before becoming a property manager or employing a management business.
Types of Property Management
Property management comes in a wide variety of forms and approaches. The management methods and types of structures or facilities being managed are two examples of what might set these apart. Although some firms specialize in a specific area, others offer comprehensive property management company services Memphis. The following are four sub-fields within management.
Residential Property Management
Residential property managers manage the majority of rental homes. Managers of this type deal with people renting out space. However, flats are not the only type of residential rental property. Single-family houses, condos, second homes, and gated communities are all included in this description. Some properties that these experts may oversee include the following:
- Single-family homes
- Vacation rentals
- Multi-family homes
- Townhouses
- Condominiums
- Apartments
- Manufactured homes
- REO properties
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Commercial Property Management
Managers of commercial properties are in charge of several different types of commercial buildings. Property management for commercial use is often the issue of business owners looking to lease office space. Managers of commercial real estate spend most of their time communicating with tenants who sign long-term leases. A commercial property manager’s duties include taking care of various business and industrial buildings. Here are some examples:
- Public accommodations like hotels
- Retail properties like malls, restaurants, and gas stations
- Office properties like real estate brokerages or doctor’s offices
- Co-working spaces where professionals rent workspace by the day or the hour
Industrial Property Management
When managing industrial properties, you must take into account a different set of rules and regulations than those that apply to residential properties. The majority of industrial complexes deal in production and manufacturing; thus, it’s important to follow the rules of the land to maximize profits. The following are some examples of industrial properties:
- Heavy manufacturing facilities such as automotive plants and steel mills
- Light manufacturing factories, such as food packaging
- Warehouses
- Distribution facilities
Special-Purpose Property Management
Properties that need management but don’t fall neatly into the categories above are referred to as special purpose properties. A special purpose asset is one that cannot be easily repurposed for another purpose. This means that the vast majority of properties with a singular intended use cannot be sold or used for anything else. The following are examples of special-purpose properties:
- Temples and chapels
- Theaters
- Sports arenas
- Resorts
- Senior care facilities
- Schools and universities
Who needs a property manager?
It’s easy to think you can save money by handling everything related to property management, but hiring a professional often makes more sense. You could benefit from working with a property manager if:
- You don’t live near your rental property
- Hands-on management isn’t for you
- You don’t have time to manage your property properly
- You own a large number of rental properties
- The cost of hiring a manager is within your budget
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