A Guide to the Different Types of Property Management
Not All Property Management is the Same
Before asking what a property manager does, we need to clarify what kind of property management we are talking about. With special-purpose property management, for example, a property manager may be exceedingly involved with the property and its activities. This person may be an employee or something very close to it, and they may work with you and the property on a daily basis. Conversely, a property manager of single-family dwellings may not have contact with you beyond the initial meeting and monthly reporting, and the management requirements may be minimal.
Understanding the different types of property management can help to select the best manager for your needs. The different types are:
Residential Rental Management
Within the world of residential rental management, there are two primary types to consider: long-term and short-term.
Long-Term Rental Management
Long-term residential rental management covers a number of types of properties, including apartments, multiplexes, and single-family dwellings. Between these types of properties, their needs are the same within long-term rental management.
Long-term rentals require greater tenant screening than short-term rentals. Background checks, income verification, and checking credit and references are a major component of long-term rentals that you don't deal with in other rental types. Once a long-term renter is placed, in an ideal scenario there is very little work left to do. If you can do a great job placing a great renter, long-term rentals are an easy ride until the end of the lease.
Short-Term Rental Management
Vacation rentals and other short-term properties have a different set of needs than the long-term rentals. Tenants aren't vetted as much, if at all, since they are renting under any lease or other agreement. Guests stay for shorter periods, often booking through platforms like AirBnB, and so their needs and the property's demands are entirely different.
Short-term rentals tend to deal with higher guest complaints, sometimes over petty things, as well as more maintenance needs. There's also the regular cleanings after every guest that has to be coordinated and kept up with. This means that the property manager has to be more readily available and actively managing the property than with long-term ones.
Commercial Property Management
Managing commercial properties comes with its own unique set of difficulties. Commercial space is possibly one of the easiest to deal with once you have it rented, but getting it rented can be challenging. Marketing and attracting businesses into your space is difficult, especially when the economy is struggling. Once a business moves in, it tends to stay for awhile. If it becomes an issues, the eviction process is simpler than with residential properties.
A property manager with deep-rooted local connections with businesses, chambers of commerce, and the Better Business Bureau are perfect fits for handling commercial properties.
Industrial Property Management
Much like commercial properties, the active management of an industrial complex requires much less work on a day-to-day basis than residential rentals. However, securing a tenant for an industrial property may be the most difficult. Local connections can help, but when it comes to industrial properties it requires an expert capable of attracting businesses from other areas to come in and consider your location. It's a specialty rental type that takes a specialty property manager to secure and retain a tenant.
Special-Purpose Property Management
Special-purpose facilities are often seeking one-time use tenants. This often involves being connected with event planners or yourself being capable of coordinating, at least to a certain extent, setup and other items related to one-day events. For larger facilities and substantial events, this can require coordination on that next level, including working with local officials for parking and traffic needs.
What Management Type Does Southern Bay Offer?
At Southern Bay Realty, we offer long-term property management. This can be residential or commercial property management, but always with a long-term lease. Specifically, we don't manage vacation rentals or any other short-term leasing arrangements. Underneath this umbrella our property managers handle the following types of properties:
- Single-family dwellings
- Multi-family units
- Condominiums & apartments
- Manufactured homes
- Retail & other office property
Want to Speak with a Property Manager?
If you still have questions, our property management experts are standing by to answer them. Consults are completely free, so don't wait. Give us a call today and we'll show you why we're your best option for everything related to rental management.
