Property management is a broad term that encompasses the practice of managing real estate, when the difference between various property management types is usually in the type of property they focus on, such as: buildings, facilities, individual homes etc.
Whether you are interested in becoming a property manager or need property management services, it is important to educate yourself on the different types of property management to know what exactly you’re looking for..
In this article we will cover four primary types of property management: Residential, Commercial, Industrial and Special Purposes.
Table of Contents
Residential property management
Residential property management is the management of homes and any other property used for short or long residential purposes. While it can be carried out by an individual, it’s more likely that you’ll find residential property management through a large real estate agency.
Here are some examples for residential properties:
- Single-family homes
- Vacation rentals
- Multi-family homes
- Townhouses
- Condominiums
- Apartments
- Manufactured homes
- REO properties
Commercial property management
Commercial property management is the process of overseeing many different kinds of non-residential properties that are classified as commercial real estate.
Here are some examples for commercial properties:
- Public accommodations like hotels
- Retail properties like malls, restaurants, and gas stations
- Office properties like real estate brokerages or doctors offices
- Co-working spaces where professionals rent work space by the day or the hour
Industrial property management
Industrial property management is a specialised field of commercial real estate management. In this role, a property manager will be responsible for many aspects of running a business and maintaining relationships with clients, tenants and other stakeholders, as well as ensuring the property complies with building codes and regulations.
Here are some examples for industrial properties:
- Heavy manufacturing facilities such as automotive plants and steel mills
- Light manufacturing factories such as food packaging
- Warehouses
- Distribution facilities
Special-Purpose property management
Special-purpose property management is a subset of commercial property management. It involves taking care of properties that aren’t used as a residence or business, such as schools and libraries.
Special-purpose properties are more likely to have unique needs compared to residential or commercial properties, so specialised training may be required for special-purpose property managers.
Here are some examples for special purpose properties:
- Theatres
- Sports arenas
- Resorts
- Senior care facilities
- Schools and universities
- Places of worship
How can Pickspace help you manage your property better?
Whether you’re managing commercial, residential, industrial or special purpose real estate,
Pickspace can help you smoothly manage your daily operations, automate countless work processes and run your property management agency with its full suite of advanced property management tools.
Pickspace’s All in one property management solution is an automated, cloud based software, that is fully customizable to your type of property needs.
How can Pickspace help you manage your property better?
We hope this article provides you with a better understanding of property management. Now that you know the different types, which do you think is best? In any case, property management can not be done with the old pen and paper method anymore, this is why it’s extremely important you choose a software that helps you run your business as smoothly and as easily as possible.
To try Pickspace software and get 3 first months for free, contact us via this link and book a demo!
