Property management involves continuously supervising residential, commercial, or industrial real estate by an external contractor.
Typically, a property manager handles everyday repairs, continual maintenance, security measures, and overall property maintenance. Renter Lister in Las Vegas specializes in the following:
- Discovering high-quality tenants
- Establishing equitable rental rates
- Upholding property upkeep.
What is a property manager?
A property manager is a knowledgeable professional who specializes in the field of real estate property management. These experts can work for real estate companies or operate their independent businesses.
Their primary role involves supervising and administering a diverse range of commercial, industrial, and residential real estate holdings, all while acting as representatives of the property owners.
Understanding property management
Typically, property developers prefer to transition swiftly to some other project after the completion. Even if they retain property ownership, they commonly entrust the routine operations to an external entity.
Their duties generally encompass the following:
- Collecting rent
- Handling taxes
- Maintenance of properties, which includes landscaping and snow removal
- Marketing properties
- Necessary repairs to properties
- On behalf of property owners, drafting, signing, and renewing lease
- Screening potential tenants
- Setting up and maintaining the property within set budgets
- Supervising other employees
- Understanding of state and national laws and regulations of landlord-tenant
Property owners remunerate property managers by paying a fee or a percentage of the rental income generated by a property while it is under their management.
Types of property management
Just as properties vary in type, property managers also exhibit diversity. Certain firms specialize in offering management services for specific property types, whereas others provide management solutions across a broad spectrum of property categories.
The scope of manageable property types is extensive and encompasses a wide variety.
1. Residential property management
Residential property managers are often engaged to oversee rental properties, taking charge of the entire rental process. They can be contracted to handle the management of:
- Apartments
- Condominiums
- Manufactured homes
- Multifamily homes
- Real estate-owned (REO) properties
- Single-family homes
- Townhouses
- Vacation rentals
2. Commercial property management
As against residential property owners, commercial property owners have certain other distinct requirements to manage their properties efficiently. Commercial property management is relevant in the context of:
- Office properties such as real estate brokerages or any doctors’ offices
- Often, professionals also prefer to hire office space on either a daily or hourly basis
- Public accommodation like hotels
- Retail properties, for example, restaurants, malls, and gas stations.
3. Industrial property management
The industrial properties mentioned below can benefit from property management:
- Distribution facilities
- Heavy manufacturing facilities in places like steel plants/ automotive plants
- Light manufacturing factories like food packaging
4. Special-purpose property management
Various property types do not fit neatly into the abovementioned categories yet still demand effective management. These include:
- Places of worship
- Resorts
- Schools and universities
- Senior care facilities
- Sports arenas
How much salary a property manager earns?
The salary can vary based on the employer, geographic location, specific job responsibilities, educational background, skills, and prior experience.
Property managers with extensive experience in property management, particularly those overseeing substantial estates, can anticipate earning higher annual salaries.
