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Property Management: What You Need to Know

There is a wide variety of property managers, just as there is a wide range of properties. While some companies only manage one particular kind of property, others offer this service for a variety of structures. It is challenging to deliver a concise meaning of property management. The best way to obtain a feel for the field is to learn about the various areas of property management. Acquaint yourself with the numerous expertises of property management before becoming a property manager or utilizing a management company.

Types of Property Management

Property management comes in a wide range of kinds and methods. The management techniques and types of structures or facilities being handled are two examples of what could set these apart. Although some property management firms focus on a specific area, others give comprehensive realty management services Memphis. The following are four sub-fields within management.

Residential Property Management

Residential property managers take care of most rental houses. Managers of this type handle individuals renting space. However, flats are not the only type of residential rental property. Single-family houses, condominiums, second houses, and gated areas are all included in this description. Some properties that these specialists might manage consist of the following:

  • Single-family homes
  • Vacation rentals
  • Multi-family homes
  • Townhouses
  • Condominiums
  • Apartments
  • Manufactured homes
  • REO properties

Commercial Property Management

Managers of commercial properties supervise multiple different types of commercial buildings. Property management for commercial usage is usually the issue of business owners looking to lease the workplace. Managers of commercial property invest a lot of their time communicating with tenants who authorize long-term leases. A commercial property manager’s obligations include dealing with various business and commercial structures. Here are some examples:

  • Public accommodations like hotels
  • Retail properties like malls, restaurants, and gasoline stations
  • Workplace properties like realty brokerages or doctor’s offices
  • Co-working spaces where professionals lease workspace by the day or the hour

Industrial Property Management

When managing industrial properties, you must think about various sets of rules and regulations than those that apply to residential properties. Most industrial facilities deal in production and manufacturing; hence, it’s important to follow the regulations 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
  • Storage facilities
  • Distribution facilities

Special-Purpose Property Management

Properties that require management, however, do not fall neatly into the groups above and are referred to as special purpose properties. A special purpose property is one that can not be easily repurposed for another objective. This means that the vast majority of properties with a singular designated usage can not be sold or used for anything else. The following are examples of special-purpose properties:

  • Temples and chapels
  • Theaters
  • Sports arenas
  • Resorts
  • Elderly care centers
  • Schools and universities

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Who needs a property manager?

It’s easy to believe you can save money by taking care of everything related to property management, however, hiring an expert frequently makes more sense. You could take advantage of working with a property manager if:

  • You do not live near your rental property
  • Hands-on management isn’t for you
  • You do not have time to handle your property appropriately
  • You have a lot of rental properties
  • The rate of hiring a manager is within your budget

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