Whether you’re new to the real estate industry or a seasoned veteran, it’s important to understand the different types of property management that exist in today’s market. To learn more about how these various property management options work, read on!

1 . Residential Property Management

• This kind of property manager looks after houses where a tenant might decide to stay for an extended period of time
• The following are a few examples of properties that these experts may manage
  -Homes for a single family
  -Holiday rentals
  -Multi-family dwellings
  -Townhouses

2. Commercial Property Management

• You would be in charge of many different sorts of non-residential properties in your capacity as a commercial property manager
• Several instances include:
  -Public facilities, such as hotels, shopping centers and gas stations
  -Office buildings, such as real estate agencies or medical offices
• Professionals can hire office space at coworking spaces on a daily or hourly basis

3. Industrial Property Management

• You will maintain and examine the properties when you manage an industrial property
• You’ll act as a conduit for information between the landlord and the tenant
• You are responsible for making sure the building conforms to all rules and regulations
• Coordination of real estate tax reviews, vendor service bids, and personnel management are other tasks
• Industrial properties include:
  -Steel mills and heavy manufacturing facilities like car manufacturers
  -Light production facilities, including those that package food
  -Warehouses
  -Facilities for distribution

4. Special-Purpose Property Management

• A special purpose property is one that is intended for a certain function, according to the Small Business Administration
• It might be built using unusual materials or have a distinctive design
• This kind of property management calls for certain abilities
• You’ll want to be an expert in property law and business administration
• Here are a few instances of attributes with particular uses:
  -Theaters
  -Sports stadiums
  -Resorts
  -Assisted living facilities

REFERENCE

1. https://www.aceableagent.com/blog/property-management-definition-and-types/#:~:text=There%20are%20four%20types%20of,%2C%20industrial%2C%20and%20special%20purpose.

DISCLOSURE:

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