Residential and Commercial Property ManagementThe management of residential and commercial properties is similar in some ways and very different in others. If you happen to be a landlord you will want to consider hiring a property manager. Someone who is familiar with managing residential properties. It does not matter if they are residential properties, single family homes, town homes or apartment buildings.

There are various bylaws and government laws that are specific to residential property. Find companies that have the experience. They need to know how to deal with these requirements. The tenants are also very different and have many different needs. They come from various income strata’s and there are also many more of them as well.

Commercial Property Management

Commercial property management can be anything from large corporate malls to large office buildings. They require building upgrades and modifications to meet the customer’s professional requirements. Long term leases with rental guarantees etc would be the order of the day. Competition ruling the rent levels and the services provided. Managers deal with far fewer tenants.

Residential Property Management

Residential property management on the other hand is governed by the rent levels that the market will bear. Along with what increases the government will allow in many cases. There are many more tenants to deal with per building. Perhaps even many owners if it is a multi unit condo. For example with many owners for the individual units. In some cases there may be a group of investors who purchase a building. Then they hire a management company to manage the rental building for them. There will be multiple objectives on one side and multiple needs on the other.  As a result many property managers of residential homes to charge more per door than they would for a single owner building.

Professional Systems

In both cases professional level cash flow tracking systems, asset tracking systems are needed. Also a method of reporting that meets the needs of the owners and / or the board of directors of a condominium board. Condominiums represent another type of property management. The property manager is hired to manage all of the common elements of the building. They have virtually nothing to do with the interior of the units. Some units could even be rented and managed by different property management companies all together. This also adds complexity in terms of finger pointing on some issues.

Hire Experienced People

A property management company must have the right people in place to manage all different sorts of situations and buildings. If you are a customer, paying attention to the kinds of buildings currently managed and the level of skills, reporting etc is important. Talk to current customers of the property management company to confirm satisfaction levels.

The type of information that is needed and provided may be quite different depending on the owners and the property management companies. Also the number one objective is to provide excellent customer service to both tenants and owners. But sometimes you cannot satisfy everyone and that then becomes the biggest challenge of all. Property managers must first make sure they are following the laws, they must be fair and honest and they must answer to the person or group that pays them. Ultimately that is what it comes down to . Do what is right. Be fair to all parties. Make sure that to the extent you can everyone’s expectations are met. If they are not met, you had better have a good reason and a good explanation to explain why it is not the way they would like to be!

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