Real Estate

When you own property for many years, you may feel that you understand the business. However, if you have our own residential property and are now in possession of commercial property, you may not be able to use the same business strategy as you did in the past. This is especially true if you hire a property manager. A residential property manager differs significantly from a commercial property manager. Some of the differences include:

Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school

Fundamentals of Residential Property Managers

Basic business management is all that is required for a typical residential property. It is often important that the manager live on site of a residential rental. In addition to gathering rental payments, there may also be emergencies with plumbing that can cause significant damage. There are also often day-to-day outdoor maintenance that needs to be attended to. In addition to a manager, there may also be contracted staff that need to be supervised. Although this is a very intense job, it does not have the components of a commercial property management position. For example, a residential property manager will typically not create reports or rebuild a property to accommodate a new client and their insurance policy.

Tasks of both commercial and residential property managers

All other staff including maintenance in leasing agents will work under the direction of the property manager regardless if it is commercial or residential. It is not uncommon for smaller residential property managers to do all of the maintenance jobs themselves. However, this is never the case for a commercial property manager. Commercial property is too large for one person to do all of the jobs correctly. A commercial property manager will need to be good at hiring staff and contractors to complete all of the work. A good commercial property manager will have experience with doing these jobs. This is a good way to protect the bottom line and ensure that services are not being overcharged.

Commercial Property Management Promote 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.

More on commercial office property management and the commercial property management job.

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