Moving From Residential To Commercial Property Managers
Last Updated (Wednesday, 31 December 1969 15:59)
Written by Cody Scholberg
Monday, 30 November 2009 23:39
A person can own residential property for years and feel that they understand the entire field of property management. However, commercial property management differs from regular property. In general, the business strategies used have their similarities that also their differences. In many ways, commercial property management is an extension of residential property management. The key differences include:
by CodyScholberg
A person can own residential property for years and feel that they understand the entire field of property management. However, commercial property management differs from regular property. In general, the business strategies used have their similarities that also their differences. In many ways, commercial property management is an extension of residential property management. The key differences include:
Renting strategies Maintenance needs Legality and leasing Understanding advanced business strategies learned in graduate school
Fundamentals of Residential Property Managers
A manager for a typical apartment property understands the basics of a typical business operation. In some instances, this manager may even live on site. Their general work duties include gathering rent checks, deciding whether to call a plumber or handyman, getting the lease signed, and some basic yard maintenance. If the apartment complex is larger, there may also be a number of contracted staff that this manager supervises. However, they're not going to draw up long-term business plans and strategize between an insurance company and a corporation. This is more of an area for commercial property management.
Typical Daily Duties Of Property Managers
All other staff including maintenance in leasing agents will work under the direction of the property manager regardless if it is commercial or residential. It is not uncommon for smaller residential property managers to do all of the maintenance jobs themselves. However, this is never the case for a commercial property manager. Commercial property is too large for one person to do all of the jobs correctly. A commercial property manager will need to be good at hiring staff and contractors to complete all of the work. A good commercial property manager will have experience with doing these jobs. This is a good way to protect the bottom line and ensure that services are not being overcharged.
Customer Service A Key To Good Commercial Property Management
One thing that all property managers have in common is their personality. You must be able to deal with customers professionally when you are a commercial property manager. Although there are many pleasant customers, none of them are perfect. There'll always be conflicts that arise. It is the responsibility of the commercial property manager to bring the temperature of the room down to something reasonable. In the long term, a customer who renews their leased is the most profitable. A good manager will always listen and try to find the best solution. They will not respond to the tenants with an angry or annoyed response.