If you want to invest in real estate and hire a third-party company to run your property, you must understand the different types of property management. Generally, property managers collect rent, supervise repairs, screen tenants, and do inspections. However, they can specialize in residential, commercial, or industrial properties.
What types of property management are there?
There are different types of property management, depending on the nature of the properties. While some property management companies specialize in a specific niche, some offer all kinds of property management services to maximize profits. So, before hiring any management companies, check their areas of specialization.Want to invest in real estate? Here are the different types of property management services you should know. Click To Tweet
Here are the four types of property management your should know.
- Special Purpose
Industrial property management involves inspecting and maintaining large properties that store or manufacture products. In addition, you must comply with the building codes and regulations, coordinate real estate tax reviews, manage staff, and bid for vendor services. Some of the industrial properties are:
- Distribution facilities
- Light manufacturing factories
- Heavy manufacturing facilities
Commercial property management involves overseeing various non-residential properties like:
- Retail properties such as restaurants, gas stations, and malls
- Public accommodations such as hotels
- Co-working spaces for professionals
- Office properties like doctors’ offices and real estate brokerages
A residential property manager oversees residential units, such as:
- Manufactured homes
- Multi-family homes
- REO properties
- Single-family homes
- Vacation rentals
4) Special Purpose
A special-purpose property is uniquely-designed for a specific use. For example, it may have a distinct layout or use unique construction materials to achieve its purpose. So, managing these types of properties requires special skills. The properties include:
- Places of worship
- Schools and universities
- Senior care facilities
- Sports arenas
Let Bran Help With Your Residential Property
As a property owner, you now know all the types of property management. So, if you own rental properties, ensure that you hire a company specializing in residential property management, such as Bran Real Estate Services. We have a team of real estate agents ready to help you.
Contact us today to discuss your property management project.