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
Fundamentals of Residential Property Managers
A manager for a typical apartment property understands the basics of a typical business operation. In some instances, this manager may even live on site. Their general work duties include gathering rent checks, deciding whether to call a plumber or handyman, getting the lease signed, and some basic yard maintenance. If the apartment complex is larger, there may also be a number of contracted staff that this manager supervises. However, they're not going to draw up long-term business plans and strategize between an insurance company and a corporation. This is more of an area for commercial property management.
Typical Daily Duties Of 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
Customer Service A Key To Good Commercial Property Management
Although the differences between residential and commercial property managers are varied, the one thing they must have in common is their ability to deal with tenants. Of course, we all wish that the perfect tenants were in every property. However, we know that simply is not the case. Whether you're dealing with a large commercial property or smaller apartment complexes, a good manager will know how to show professionalism and courtesy in every interaction. They will take the time to listen to every complaint a tenet has and think of solutions for the problems. After all, a client that renews their lease is a profitable client.
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