Property management provides oversight to residential, commercial, and industrial real estate properties. Though a third-party contractor, property managers oversee day-to-day repairs and the ongoing maintenance, security, and upkeep of properties. They typically work for the owners of investment properties, like apartment and condominium complexes, private home communities, and Airbnb rentals.

This article will serve as a beginner's guide to everything you need to know about property management.

Understanding property management

Property developers and investors typically don’t spend too much time on the same project. As soon as the development is complete and they hold title to the property, they delegate the day-to-day responsibilities to an outside company.

Property managers are typically responsible for the following duties:

• Screening potential tenants
• Drafting, signing, and renewing leases on behalf of the property owners
• Collecting rent
• Handling all maintenance of properties, including landscaping and snow removal
• Arranging for necessary repairs to properties
• Marketing properties
• Understanding state and national landlord-tenant laws and regulations
• Handling taxes

What are the types of property management?

There are many different types of properties to manage. Some third-party property management companies only provide services for a particular type of property, while others may manage them all.

Residential property management

Residential property managers are generally hired to care for properties purchased as rentals. These properties typically include:

• Single-family homes
• Multi-family homes
• Vacation rentals
• Townhouses
• Condominiums
• Apartments
• Manufactured homes

Commercial property management

Commercial property owners differ significantly from residential property owners and thus have different needs. Commercial property can apply to:

• Retail properties like gas stations, malls, and restaurants
• Office properties like real estate brokerages or doctors’ offices
• Public accommodations like hotels

Industrial property management

In addition, industrial properties can benefit from property management services. These buildings typically include:

• Heavy manufacturing facilities, such as automotive plants and steel mills
• Warehouses
• Distribution facilities
• Light manufacturing factories

Who needs a property manager?

Several types of property owners can benefit from the services offered by property management companies. For example, landlords generally hire property management firms for various reasons. They may have multiple rental properties in their portfolios and lack the time or expertise to maintain and deal with tenants. Or, they may only be interested in owning the properties and earning a profit from them.

In addition, property owners who participate in affordable housing problems generally use a property manager to ensure they comply with all federal guidelines. Some real estate brokers also operate as property managers.

Do property managers have to hold special licenses?

Yes, property managers must undergo courses to work in property management. However, the requirements vary by state. Most states require property managers to be licensed by the local real estate board. When hiring a property management company for their property, owners should make sure that the firms and managers they hire are properly licensed in the state where they are operating.

Is a property manager worth it?

The honest answer is that it depends. Managing a property by yourself can be tiring and costly. You also have to stay on top of the latest rules and regulations and handle all aspects of repairs. A property manager will take care of all this and more for you for a fee.

Get in touch for help.

You can learn more about how to find a reliable property management company by reaching out to us at Reliable Properties. Give us a call at 518-312-4800 or send a message using our contact form to get started. Our team of property management experts is here to work for you.