There are many different types and styles of property management. The differences can range from the types of buildings or facilities being managed to the style of management that is applied. Some companies focus on one niche of property management, while other companies provide all encompassing property management solutions. Listed below are four specialized areas of management.
Self-storage management, also known as mini storage management, consists of running daily operations, implementing business policies and procedures, and determining prices and rates for customers. Hiring and training of employees of the self-storage facility, human resource responsibilities, and accounting are also provided by full service self storage management agencies. Typically, these types of services can help improve the occupancy rate and profitability of a storage business.
Commercial property management has to do with direct management of buildings or land that is used to create a profit or income. This would usually include, but not limited to, office buildings, industrial property, retail stores, and warehouses. Commercial management solutions can vary in degree depending upon the number of tenants in a building or the specific use of the property. Professional services provide plans to fill vacancies, a way to add value to lease contracts, daily maintenance, employee training, and ultimately, a better ROI from the property.
Recreational property management is a niche service designed specifically for management of properties such as resorts, marinas, RV parks, campsites, and more. An example of marina management would include plans to increase boat slip rentals, oversee site amenities, and provide training for excellent customer experience. Business aspects such as accounting, advertising, and human resources can also be a part of a recreational property management service.
Asset management, often associated with the financial industry, but also having a connection with real property, is a process of operating and managing physical assets. A key difference between an asset and a liability is how quickly an item, or property, can be sold. An asset management company may prepare to have the property "ready to sell" and also search for potential buyers in order to profit from a property sale.
While there are many specialized types of property management, they all share a common denominator in that they provide services to oversee properties. They should always have the best interest of the property owner in mind, and the service provider is there to improve the property from a business perspective.
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