What is Residential Property Management?
Residential property management is the process of managing a residential property on the owner’s behalf. The residential property manager serves as the land owner’s representative when dealing with tenants and is also in charge of the property’s upkeep. The types of properties that require residential property management include condos, single and multi-family homes, apartments, and townhouses.
Residential property management involves managing all aspects of a residential or income property for the owner. This involves finding tenants, marketing the property, leasing, ensuring maintenance, and more. This type of management focuses more on smaller properties and buildings, which is how it is different from other types of property management.
Importance
Residential property management is crucial to ensure that rental properties remain profitable and that tenants are paying their dues on time and keeping the property in the best condition possible. This process is especially important when the landowner isn’t present or doesn’t have the time to be hands-on with their property.
A residential property manager is basically a “landlord-for-hire.” They are in charge of everything that a landlord would usually manage. Without residential property management, maintaining a property, attracting tenants, leasing, and collecting rents would be much harder, especially if the landowner isn’t present.
Create Your Own Residential Property Maintenance Checklist
What’s the Difference Between Residential Property Management and Commercial Property Management?
Commercial and residential property management are two completely different practices. The main difference is the clientele that these managers serve. Typically, a commercial property manager is in charge of commercial-use properties like offices, shops, and other businesses. On the flip side, residential property managers are in charge of properties wherein people reside, like apartments, rental homes, condos, townhouses, and more.
While both practices involve collecting rental dues, maintaining facilities, and similar tasks, managing a commercial and rental property is very different. For example, residential and commercial properties are subject to different laws and regulations, which managers must learn and work with when managing properties.
What Are the Responsibilities Involved in Residential Property Management?
Residential property management involves overseeing an entire property and its tenants. Generally, residential property managers are in charge of making sure everything’s running smoothly on the property. Some of the key responsibilities involved in residential property management include:
- Marketing the property to attract new tenants
- Screening tenants and overseeing the leasing process
- Collecting rent and dues from tenants
- Maintaining the property and fixing any issues
- Conducting rental inspections to ensure that tenants are caring for the units in which they live
- Financial reporting to keep track of expenses, payments, and taxes
Residential property management is a multi-faceted occupation. This is why residential property managers need to be knowledgeable and skilled in their field. That way, everything is made easier for the tenants, landowners, and everyone else involved in the property.
What Skills Does a Residential Property Manager Need?
Since residential property management is a very demanding and hands-on job, residential property managers must have a wide set of skills. Without these skills, managing the property will be much harder, and the landowner’s income will be at risk. Some of the key skills that a residential property manager needs include:
- Strong communication skills
- Patience and flexibility when dealing with tenants
- Knowledge of local rules and regulations about managing a residential property
- Financial management
- Organization skills
- Customer service knowledge
- Marketing skills
- Assertiveness
All of these skills will make it much easier for managers to take charge of a property. So, when hiring a residential property manager, make sure that they have the necessary skills to be able to complete the job efficiently.
Leon Altomonte
