There are many different forms of property management, but four main types that occur in almost every city in the United States. The differences in these forms of property management range from those that take care of buildings, to facilities, as well as individual homes. Different forms of property management focus on a specific market, and others that focus on solutions to problems in the property management realm. Whether you are interested in becoming a property manager or need property management services, it is important to educate yourself on the different types of property management.
Primarily known as mini storage management, a self-storage property manager typically runs the daily operation of a self-storage building. They may also implement business policies, let tenants know about procedures, and determine the rent for customers. Additionally, in self-storage management, they will be required to hire and train employees at the facility, and even practice some accounting.
Although there are a few different forms of self-storage management, most of them offer these services to increase the profitability of a storage business. Self-storage managers will also be required to fill the spaces within the business and may profit based on occupancy.
Commercial Property Management
When someone describes themselves as a commercial property manager, they will typically directly manage buildings that are leased or rented to other individuals. They may also manage land that is used to create a profit. Often this might include an office building, industrial property, store for retail shops, or even a warehouse.
Commercial property management can be a huge industry if there is a large number of tenants involved. Additionally, commercial property managers often double as real estate agents and work to fill vacancies. They may also entice leasees to improve their contracts, provide daily maintenance, train employees, and help to gain a larger return on the investment of the property as a whole.
Recreational Property Management
Although it is not an often-used or needed service, recreational property management relates to properties such as resorts, RV parks, marinas for boats, campsites, or other recreational areas. Marina management is rare, but a property manager of a marina will be used to increase boat rentals, oversee all of the amenities on-site, and provide training so that customers enjoy their experience. Accounting and advertising may also be something that is offered by a recreational property manager, especially in the case of a resort or campsite.
Typically used in the financial industry, it can also be used to describe the management of physical assets. Assets and liabilities are similar, but the difference is how quickly something can be liquidated. Asset management companies may be able to help have a property ready to sell, and find buyers similar to a real estate agent, but for a finder’s fee.