A person can own residential property for years and feel that they understand the entire field of property management. However, commercial property management differs from regular property. In general, the business strategies used have their similarities that also their differences. In many ways, commercial property management is an extension of residential property management. The key differences include:
Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school
Fundamentals of Residential Property Managers
The manager of a common apartment complex will naturally understand basics of common business operation. In many cases, the apartment complexes have the manager live at the facility. Residential property managers will collect rental checks, make decisions about maintenance and repair, ensure the lease is signed and followed, and other basic requirements. A larger apartment complex may have staff that are directed by the manager. These are the common expectations for residential property manager. However, you would not expect them to draw up and follow through with long-term business plans. You’ll also not expect them to be an expert in real estate and keep up with all of the latest literature.
Tasks of both commercial and residential property managers
Maintenance workers and leasing agents will typically work under the management of the property manager whether they are residential or commercial. In a smaller residential property, the manager may do maintenance work themselves. This is almost never the case with a commercial property manager. However, both will supervise all maintenance work. Included in the services are cleaning and landscaping. Although various repairs may need to be done on the property sites, both the commercial and residential property managers will most likely supervise and hire others. They will not do the repairs themselves. For example, stripping floors, installing air conditioning, and repairing drywall. The one thing they will have in common is that any property manager will always be the first person to know if there’s a problem
Customer Service A Key To Good Commercial Property Management
Although the differences between residential and commercial property managers are varied, the one thing they must have in common is their ability to deal with tenants. Of course, we all wish that the perfect tenants were in every property. However, we know that simply is not the case. Whether you’re dealing with a large commercial property or smaller apartment complexes, a good manager will know how to show professionalism and courtesy in every interaction. They will take the time to listen to every complaint a tenet has and think of solutions for the problems. After all, a client that renews their lease is a profitable client.