A  “Property Management” business looks after property portfolios on behalf of their clients. Clients could be a landlord with one property or someone who owns and rents out hundreds of properties. A property management company is there to give landlords peace of mind that their property is being looked after. Property Managers take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeeping of properties. They usually work for owners of investment properties such as apartment/condominium complexes, private home  communities, shopping centers.

Property Managers Responsibilities

Responsibilities of Property Managers include – but not limited to:

• Screening potential tenants.
• Drafting, signing, and renewing leases on behalf of property owners.
• Collecting Rent.
• Maintenance of properties.
• Arranging repairs to properties.
• Setting up and adhering to budgets for property maintenance.
• Marketing of properties.

Owners pay property managers a fee or percentage of the rent generated while it is under their management.

Property Management Types:

A huge range of property types can be managed and include:

Residential Property Management –  Residential Property Managers are typical hired for rental properties, and they manage the rental process. They can be hired to manage:

• Single family homes.
• Vacation rentals.
• Multifamily homes.
• Town Houses.
• Apartments.
• Manufactured Homes.

Commercial Property Management – Commercial Property Management can apply to:

1. Public Accommodation like Hotels.
2. Retail properties like malls, restaurants, and gas stations.
3. Office properties like real estate brokerages, or doctor’s offices.
4. Co – working spaces where professionals rent work space by the day or hour.

Industrial Property Management – Industrial Properties that can benefit include:

• Heavy Manufacturing facilities such as automotive plants and steel mills.
• Light Manufacturing factories such as food packaging.
• Warehouses.
• Distribution Facilities.

Special Purpose Property Management – Other types that not fit into the above include:

1. Theaters.
2. Sport Arenas.
3. Resorts.
4. Senior Care Facilities.
5. Schools & Universities.
6. Places of Worship.

Property Management Business Plans

If you’re looking to start a Property Management business or grow your existing business you need a business plan. A proper Property Management plan will help you raise funding, if needed. It will also plan out the growth of your business to improve your chances of success. Your Business Plan is a living document that should be updated annually as your company grows and changes. Contact us now if you need help in any area.