When you start your journey as a landlord, you may think that property management is exactly what it sounds like: a person looking after your asset on your behalf. You’ll just have to interview different people and find the right one; it seems simple, right? That said, with a bit of experience, you’ll start to see that property management is far from being only a commodity.
Property managers offer different kinds of services and prices, but there are (primarily) six types of property managers. Knowing which kind of manager you’re talking to and your requirements will help you find the perfect manager.
Types of Property Managers
If you’re trying to find a property manager for your residential property, you’ll first need to know the niche you’re operating in. There are six niches in which property managers operate:
- Self-storage managers
- Commercial property managers
- Recreational property managers
- Asset management
- Residential management: single-family
- Residential management: multi-family
Let’s start by understanding what self-storage managers do.
- Self-Storage Managers
Also referred to as mini storage management, a property manager has to handle daily operations, implement procedures and business policies, and determine customer rates and prices. Training and hiring employees of a self-storage facility, accounting, and all human resource-related responsibilities are provided by self-storage management agencies, too.
In most cases, these managers can improve the profitability and occupancy of a storage business.
- Commercial Property Managers
This has to do with the direct management of land or buildings to create an income or profit. This can usually include but is not limited to warehouses, office buildings, retail stores, and industrial property. Commercial property management solutions can vary depending on the number of tenants using the property.
Suppose you’ve hired a professional commercial property manager. In that case, they can fill vacancies, add value to your lease contracts, train employees, look after daily maintenance, and ultimately generate a better ROI from your building.
- Recreational Property Managers
Recreational property managers take care of campsites, resorts, RV parks, and marinas. One example of marina management activities would include plans to oversee the site’s amenities, increase the boat’s rentals and train the staff for excellent customer service.
Other aspects such as advertising, human resources, and accounting can also be a part of this service.
- Asset Managers
While this is usually associated with the finance industry, it can also describe the management of tangible assets. Liabilities and assets are similar, but the difference usually lies in how quickly something can be liquidated. Asset management companies can have a property ready to sell in most cases. They can also help you find buyers interested in your property for a finder’s fee.
- Residential Managers: Single-Family
These types of managers manage individual homes. A property management company operating in this realm usually has a portfolio of houses. Depending on the size of the organization, a property manager may oversee statewide locations or a specific region. A single-family property manager may have to handle responsibilities like going over tenant requests, finding tenants for the property, managing the repairs, and collecting rent.
- Residential Managers: Multi-Family
Multi-family managers look after multi-family properties like condominiums or apartments. These managers need the same skills as single-family managers. The only difference is that all homes they have to look after fall under one roof (since they have to live in apartments).
Having a multi-family residential manager can have its pros and cons, though. Even though these property managers only have to oversee one building, it can still be challenging to get all tenants to agree on a standard set of rules and regulations. These managers also have to look after more people, which means they need brilliant time management skills.
All in all, it’s essential to know there are no right or wrong property managers. You just need to be aware of those that apply to your situation. They are essential, though!
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.