Are you looking to hire a property manager, but aren’t sure who to choose? Finding the right property managers can be a daunting task.
Before you start the job hiring process, you first need to understand the different types of property managers out there. This way, you’ll have better luck finding the right person for the job.
Check out this guide to learn about the different types of property managers.
1. Commercial Property Manager
A commercial property manager is responsible for managing and maintaining office spaces, retail shops, commercial buildings, and other business-related properties and lands.
If a rental property is used for housing five or more tenant groups, then it’s also referred to as commercial property and is therefore maintained by a commercial property manager.
These managers have a wide range of responsibilities, including:
- Creating and signing leases
- Negotiating lease terms
- Updating leases before they expire
- Showing available units to businesses seeking commercial space
- Working with third-party services for repairs and maintenance
- Performing maintenance and cleaning duties
- Gathing and reporting financial information
- Marketing commercial spaces
- Managing cash flow
- Overseeing personnel management
To be a successful commercial property manager, one must have excellent customer service skills, marketing experience, financial management skills, and negotiation skills.
2. Residential Property Manager
A residential property manager is responsible for overseeing both single and multi-family units. They play a large role in tenant relations, as they select qualified tenants, develop rental agreements, collect rent and security deposits, enforce rental agreements, and resolve tenant issues.
They’re also responsible for marketing the rental property through advertising, lead follow up, and showings. Because of this, need to keep an open dialogue with property owners in regard to tenants, vacancies, and the physical condition of the property.
These managers need to have strong business communication and interpersonal skills, be familiar with local, state, and federal property regulations, and have knowledge of financial reporting and office management software.
3. Recreational Property Managers
Recreational property managers are responsible for overseeing marinas, resorts, campsites, RV parks, and other recreational properties.
The role of a recreational property manager will largely depend on the type of recreational property they’re managing. For example, a marina property manager may be responsible for overseeing site amenities, increasing boat slip rentals, and providing boat operation training.
Regardless of what type of recreational property is being managed, recreational property managers need to have excellent customer service skills as well as skills in marketing, finance, accounting, and property maintenance.
Property Managers: Are You Ready to Hire?
As you can see, property managers play a very important role in the day-to-day maintenance and care of real estate property. In addition to having a wide breadth of skills, it’s also important that you hire a property manager with the right education and certifications.
In some states, property managers need real estate licenses, while in other states, they need a property management certification. If you’re looking to hire a property manager, get in touch with us today.