Property Management: Definition, Types and Purpose 

Definition:

Property Management is a vital tool which provides an effective channel for Landlords and Tenants and acts as a bridge to fill the gap. Generally, Property managers will work on behalf of landlord, property owner or property investor where they take care of various operations required by property to generate income, it’s complete protection and safeguard from every aspect. Property manager takes care of properties type such as Residential, Commercial, Industrial and Special Purpose Property Management. Where they are responsible for repair, maintenance and property upkeep. Duties and responsibilities include such as: 

• Leasing & Renting
• Renewal or contract signing on behalf of owner
•  Maintenance and Repair
•  Tenant screening
•  Rent collection
•  Legal issues
• Taxes & Marketing of property
• Financial Transparency

Types of property Management:

Property manager looks after various property types out of which can be of specific property or could be several portfolios where management is required. Depending on the types of property, property management companies and managers cater to property owners and clients. Some of the common types of property management are listed as such.

Residential property management: 

Residential property is used for rental purposes where tenants might usually look to live and reside for long term.

• Apartments
• Townhouses and Houses
• Family Homes.
• Condominiums
• Vacation Rentals
• Single Family Home
• Manufactured Homes
• Multi Family Homes

Commercial Property Management:

This type of property management is engaged with non-residential properties such as.

• Office Buildings
• Retail Properties like Mall, Restaurant and other retail store  
•  Public accommodation like hotels 
• Working space were professional rent space by day or hour

‍

Industrial property Management:

Industrial property Management includes looking after properties such as.

• Distribution Facility
• Warehouses
• Heavy Manufacturing Facilities like automotive plant, steel factories
• Light Manufacturing Facilities such as food packing  

‍

Special Purpose Property Management  

This type of property is used for specific purposes which require management for its operation.

• Resorts
• Senior Care Facility
• School and Universities
• Sport Arenas
• Theaters

Purpose of property management:

 Property management bridges the gap between property owner and tenant. Whether it be a property owner looking to generate income or a tenant looking for comfortable, safe, easy living and working conditions. It helps to ease the pressure on both sides for day-to-day monitoring required for maintenance, repair, accounts record, financial transaction with hassle free and smooth communication. It also resolves any tenant related issue like finding and screening application of tenant, communicating and handling tenant complaint, enforcing or managing rent and lease terms and conditions and transparency on tenant financial funds.

‍