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.
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:
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 managers are generally hired to care for properties purchased as rentals. These properties typically include:
Commercial property owners differ significantly from residential property owners and thus have different needs. Commercial property can apply to:
In addition, industrial properties can benefit from property management services. These buildings typically include:
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 ma