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
Short Description Of Residential Property Managers
A manager for a typical apartment property understands the basics of a typical business operation. In some instances, this manager may even live on site. Their general work duties include gathering rent checks, deciding whether to call a plumber or handyman, getting the lease signed, and some basic yard maintenance. If the apartment complex is larger, there may also be a number of contracted staff that this manager supervises. However, they're not going to draw up long-term business plans and strategize between an insurance company and a corporation. This is more of an area for commercial property management.
Typical Daily Duties Of Property Managers
Leasing agents and any maintenance workers will typically follow the orders of a residential or commercial property manager. Some residential properties are so small that one person can manage and do the maintenance. However, this is unheard of with commercial property managers. The job is simply too large for one person to do it all. Services that are needed for any commercial property include cleaning, landscaping, and basic repairs. There are certain repairs that are needed that will require a professional. Payment and supervision of the projects will be handled by the managers. Some of the general areas covered by hired professionals are installing air conditioning, repairing drywall, and reconditioning floors.
Good Commercial Property Management Starts with Good Service
Regardless of whether or not the property is residential or commercial, a property manager must be able to deal with tenants in a professional and courteous way. Of course, there is no perfect tenant. However, customer satisfaction is the ultimate goal. After all, if you need to have your tenants happy in order for your lease to be renewed year after year. A good commercial property manager that understands good service will know how to communicate with even the worst client. Much of this begins with the understanding the services that can be provided and at what additional cost. - 16890
Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school
Short Description Of Residential Property Managers
A manager for a typical apartment property understands the basics of a typical business operation. In some instances, this manager may even live on site. Their general work duties include gathering rent checks, deciding whether to call a plumber or handyman, getting the lease signed, and some basic yard maintenance. If the apartment complex is larger, there may also be a number of contracted staff that this manager supervises. However, they're not going to draw up long-term business plans and strategize between an insurance company and a corporation. This is more of an area for commercial property management.
Typical Daily Duties Of Property Managers
Leasing agents and any maintenance workers will typically follow the orders of a residential or commercial property manager. Some residential properties are so small that one person can manage and do the maintenance. However, this is unheard of with commercial property managers. The job is simply too large for one person to do it all. Services that are needed for any commercial property include cleaning, landscaping, and basic repairs. There are certain repairs that are needed that will require a professional. Payment and supervision of the projects will be handled by the managers. Some of the general areas covered by hired professionals are installing air conditioning, repairing drywall, and reconditioning floors.
Good Commercial Property Management Starts with Good Service
Regardless of whether or not the property is residential or commercial, a property manager must be able to deal with tenants in a professional and courteous way. Of course, there is no perfect tenant. However, customer satisfaction is the ultimate goal. After all, if you need to have your tenants happy in order for your lease to be renewed year after year. A good commercial property manager that understands good service will know how to communicate with even the worst client. Much of this begins with the understanding the services that can be provided and at what additional cost. - 16890
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