Property management is the one who looks after the commercial, residential or industrial property. Property managers usually overlook the real estate property as the third person. Their main work is to perform the usual task assigned by the owners of real estate property to maintain the value of their property and create an income.
Who Needs Property Management?
People busy in their daily lives should have time to look into their property. They usually hire a person for it. Property managers are the third party between the owners and the tenants.
The property manager collects the rent from tenants, maintains the property, and manages the complaints from the tenants. The owners give their fee according to some percentage or agreement. Property managers do the following work:
- Collects the rent
- Signs the deal on behalf of owners
- Take care of the property
- Doing minor repairs on the property
- Manage taxes, etc
Types Of Property Management
There are many types of property management in the market. Some of the types of property management are the following:
Commercial Property Management
Commercial property management is different from other management. Their needs and regulations are different. Commercial property includes:
- Hotels
- Malls
- Restaurants
- Gas stations
- Offices, etc
Residential Property Management
Residential property management includes taking the rent from the tenants and managing the repairs and complaints. Residential property usually contains:
- Homes
- Vacation homes for rent
- Apartments
- Condominiums, etc
Industrial Property Management
Industrial property management includes the following:
- Heavy manufacturing factories
- Light manufacturing factories
- Warehouses, etc
Special Purpose Property Management
Some real estate properties are separate from the property management types. These properties can be said as unique purpose property management and include the following:
- Resorts
- Worship places
- Universities or schools
- Sports areas, etc
What Is Meant By Property Management Licence?
To be a property manager, you need a property management license or a real estate broker’s license to perform in the field. The license allows you to work in property management. This license can help you to improve your working credibility.
A property management license is usually obtained from the government. But you can also obtain it from private or local authorities and real estate boards. Usually, you need to have a high school diploma and be over 18 years to get the license.
Nowadays, most emerging companies want their property manager to have a bachelor’s degree or some degree in business or related fields.
Is Having a Property Manager Good For You?
It usually depends upon the property manager. Suppose your property manager has a high fee and only produces a little profit from your property. It will be a loss for you. Property managers can be costly in some situations.
But, if your property manager is working well to make a good profit for you. Then, it is worth it for you to have a property manager. In most cases, it’s good to have a property manager. Because many people don’t want to deal with their tenants, collect rent and manage their complaints. In residential property, it is profitable to have a property manager.