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 ma