Property management is a multi-faceted and fascinating area of the real estate world. Whether you are someone wanting to learn about this particular area of real estate or you are a landlord looking to understand whether a property management company can help you, then this article is for you.
With this in mind, continue reading to learn a comprehensive guide to property management.
The Two Types of Property Management
Essentially, there are two main types of property management; residential property management and commercial property management, and within each section, there is a multitude of different career pathways of which to gain entry.
Commercial property management basically involves any building in which business is conducted, either in a manufacturing capacity or a rendered service, whereas residential property management involves buildings where people are living, either short or long-term. Both are about helping a landlord navigate handling tenants and their properties.
Residential Property Management
Residential properties are further divided into sub-sections, which include short-term rentals, multi-unit housing, vacation rentals, low income housing, specialty housing, and medical housing.
Multi-Unit housing consists of either a condominium, a duplex quad-plex, or an apartment block. Short-term rentals are usually student accommodation blocks, government housing, or corporate housing, and medical housing is either a long-term care facility, nursing home, or assisted living facility.
Specialty housing usually falls under unique and specific housing regulations and includes modular home communities, mobile home parks, and RV parks. Whereas low-income housing relates to those properties which the government either fully or partially funds, and vacation rentals can be anything from a small one-bedroom apartment to an entire estate.
Commercial Property Management
When looking for companies who specialize in property management near me, the types of people who are looking to outsource one or more aspects of property management are often involved in commercial buildings.
Commercial property management usually involves the management of the following types of premises:
- Manufacturing factories
- Distribution warehouses
- Sports arenas
- Other entertainment venues
- Shopping malls
- Retail buildings
It is certainly worth noting that there are different challenges involved with commercial property management that are not pertinent and relevant to residential properties and vice versa, so when starting out in property management, it would be prudent to learn about and experience both types.
How qualified are property managers?
Unlike other careers, such as those in the academic sector like teaching and the medical profession, there is not so much of a linear framework to enter the world of property management, rather a myriad of different avenues to explore.
However, that isn’t to say there isn’t a set of specific qualifications a property manager may have. If you are in search of a property management company, you will need to check that they have a property manager license and have acquired US certifications in property management, such as master property manager, accredited residential manager, certified manager of community associations, certified property manager and residential management professional.
It is crucial that if you are outsourcing this responsibility that the company in question is able to do the job well.