It’s no secret that managing commercial properties is a whole different ballgame when compared to residential property management. While the two may share similar key aspects, some crucial distinctions highlight the nuances of the different types of property management. This article will go over the key differences in residential versus commercial property management.
One of the biggest differences between residential and commercial property management is the clientele you can expect to service. In most cases, one can expect to experience a much different way of business when dealing with residential tenants compared to commercial tenants. These two types of renters have different needs. In the case of residential property management, you will be forced to act as a middleman between the landlord and the rental tenant. However, the services you render will remain somewhat constant. In commercial properties, the services required by these businesses will vary greatly based on the type of business it is.
Legislation and Leases
Different laws govern these two separate property management clientele. Commercial leases are much more complicated when compared to residential leases. They’ll often require professional legal supervision over the rental agreements. Typically, these leases are long and have difficult extensions to choose from. Compare this with residential leases, which typically have a much shorter-term lease and less legal oversight required to finalize all the transactions.
One of the major differences between these two property management subsections is the type of management style required. In residential management jobs, the property manager is simply required to be available. This will give you more freedom to travel away from the property. Compare this with commercial property, which often requires that a manager be physically on the premises at all times.
Whether you’re considering going into property management in Orlando or already are managing a property in the area, it is important to know the distinctions of residential versus commercial property management. Both of these have great potential as careers, but both require different skillsets and management styles. You’ll need to invest a lot of time in learning the laws and regulations concerning the local area to do your job successfully!