Property management, in plain terms, is handing over the daily operations of a property to a third party. From screening potential tenants to drafting lease agreements, a property management company handles different aspects of a property. Property management is multifaceted- just as there are different types of buildings, there are different management services rendered by Baltimore property management companies. In this article, we’ll explore the major types of property management.
The main types of property management are:
1. Commercial property management
This is probably the most popular type of property management because commercial properties can be a lot to handle alone. Commercial property management is all about overseeing and managing commercial properties like retail spaces and office buildings. The duties of a commercial property management company include facility maintenance, tenant relations, financial administration, and lease management.
However, lease management plays the biggest role in this type of property management. This is because good lease management maximizes rental income and maintains high occupancy rates. Commercial property management implies making sure that the lease terms are favorable for both parties. This involves the timely collection of rents and the enforcement of lease provisions.
Commercial property management also involves ensuring the property is in line with legal requirements.
2. Residential property management
Residential property management ensures the smooth running of residential properties on behalf of property owners. This implies ensuring residential properties’ profitability without compromising tenants’ satisfaction.
Residential property management companies address tenant concerns and promote lease renewals. This often involves handling maintenance tasks like general repairs and landscaping; it also includes taking care of emergency issues like electrical failures.
Another main aspect of residential property management is tenant acquisition and retention. Property management companies market vacant units, screen potential tenants, and select the most suitable tenants.
Residential property management also involves collecting rent, tracking income and expenses, and providing landlords with detailed, timely financial reports.
3. Industrial property management
Industrial property management encompasses the overseeing of industrial properties like industrial parks, warehouses, and manufacturing facilities. The major aim of industrial property management companies is to optimize industrial properties and ensure profitable operation.
Industrial property management companies, Baltimore, streamline workflows, optimize space usage, and improve logistics within industrial properties. They improve the efficiency of industrial properties by staying in line with industry trends and enforcing effective operational strategies. They also carry out routine maintenance, tenant relations, and lease management.
4. Special purpose property management
Special purpose property management, as the name suggests, involves overseeing properties that serve a specific purpose. Examples of these special-purpose properties are educational institutions, religious institutions, recreational centers, and healthcare facilities.
This type of property management requires an understanding of industry-specific standards and complying with them. Property management companies ensure that these special-purpose properties meet all safety requirements and provide a safe environment for the occupants/users of the property.
Special purpose property also involves occupant relations and routine maintenance, ensuring the profitability of the property and the general satisfaction of the occupants.
Conclusion
While a property management company might specialize in one of the mentioned types of property management, some companies offer the four types. The bottom line is ensuring the company has qualified staff to handle your property type.