4 types of property management, real estate owners must know before buying!
Owing properties is a bliss in one’s life, ad that is why one should know, types of property management. As it helps to generate extra sources of income. For this, one should know Types of Property Management, as to know the areas of scope.
But before knowing Types of Property Management, let us know about Property Management.
Property Management is the management of property usually done by the property managers. This is usually the case when the location of the owners and the properties are not the same, and property managers take care.
Following are the duties of property managers:
- Collecting rents.
- Repairs in the property,
Inspection of Property.
- Communication on behalf of the owner makes every point clear, in case of rental property.
Types of Property Management System, which should be known to real estate owners as well as property managers, because government rules and regulations are different for all the types of property.
There are 4 types of Property management are as follows:
Residential Property Management.
Commercial Property Management.
Industrial Property Management.
Special purpose Property Management.
Now, when you know types of Property Management. Let’s have a brief knowledge about them one by one.
Residential Property Management- Safe amongst all the types of the property management system
In this type of Property Management, property managers have to handle residential properties. Residential property management will include following properties:
- One family homes
- Rentals for vacation
- Multiple family homes
- 4, 5 BHK Villa
- Flats or apartments
- REO Properties- Real estate Owned properties
Commercial Property Management- Handsome rents paying amongst all types of property management
Commercial Property Management is amongst one of 4 types of property management. This is a type which is expensive when purchased but is a real future security. It gives good returns and when sold that time also it gives good returns.
Commercial Property Management will include following properties:
- Public accommodations like hotels and hostels.
- Offices like
- Interior designer’s office
- Property broker’s offices
- Doctor’s offices
- Coworkers space where professionals pay rent for hours or months.
Industrial Property Management
This is amongst one of the 4 types of property management whose rents are handsome and plus needs a lot of work to be done by concerned person. Industrial Property Management, includes:
- Heavy Automotive plants of Steel Plants
- Iron Plants
- Food packaging plants
Special Purpose Property Management
Special Purpose Property Management is amongst one of the types of property management, which requires special skills for its management, as its construction is different from other remaining types of property management, as mentioned. It might require a different layout.
Examples of this type of property management are:
- Theaters, Hall, Auditorium
- Sports stadium
- Resorts- it might contain villas, rooms for staycation. And many added features like sports areas for kids, etc.
- Senior Care Facilities like- Physiotherapy room in which many equipment are there.
After learning the above types of Property Management, one can know in which of the above mentioned types of property management, one can make his career. No special degree is required. One should have a good presence of mind. For management of property your Real Estate License.