If you own multiple residential properties, you may feel that you're well versed in property management. However, with larger commercial properties, this simply is not the case. The formula that you used to be effective with residential property is not the only thing that you need when a owning commercial property. Some of the topics that a commercial property manager covers that a residential property manager does not are:
Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school
Basics 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
Maintenance workers and leasing agents will typically work under the management of the property manager whether they are residential or commercial. In a smaller residential property, the manager may do maintenance work themselves. This is almost never the case with a commercial property manager. However, both will supervise all maintenance work. Included in the services are cleaning and landscaping. Although various repairs may need to be done on the property sites, both the commercial and residential property managers will most likely supervise and hire others. They will not do the repairs themselves. For example, stripping floors, installing air conditioning, and repairing drywall. The one thing they will have in common is that any property manager will always be the first person to know if there's a problem
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. - 31963
Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school
Basics 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
Maintenance workers and leasing agents will typically work under the management of the property manager whether they are residential or commercial. In a smaller residential property, the manager may do maintenance work themselves. This is almost never the case with a commercial property manager. However, both will supervise all maintenance work. Included in the services are cleaning and landscaping. Although various repairs may need to be done on the property sites, both the commercial and residential property managers will most likely supervise and hire others. They will not do the repairs themselves. For example, stripping floors, installing air conditioning, and repairing drywall. The one thing they will have in common is that any property manager will always be the first person to know if there's a problem
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. - 31963
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