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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.
Job Description Of Commercial And Residential 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.
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.
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.
Job Description Of Commercial And Residential 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.
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.
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More on commercial property management and the commercial property management business.
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