People aren’t always aware there are different types of property managers. Depending on the property, the location, and the services offered, property managers can come in various forms and have different skill sets.
The most commonly known type of property manager is the residential property manager. Most people will have encountered a residential property manager at some point if they have ever rented a home or apartment. But, what other types of property managers are there?
- Residential Property Managers
- Commercial Property Managers
- HOA Property Managers
- Facility Managers
- Hospitality Management
Let’s look at each of the types of property managers listed above. There may be some overlap of these types of managers depending on how certain property types and roles of management are defined. But we will attempt to identify each one and also how they may relate to each other.
Types of Property Managers
Residential Property Management –
The most common type of property manager is the residential property manager. These services are generally focused on properties where people live and reside. Therefore, if you have ever lived in an apartment building or even a single-family rental home, you have probably encountered a residential property manager. The duties of the residential manager are most commonly things like showing rental units to prospective tenants. Completing lease agreements on behalf of the owner. Collecting rent monies and deposit funds. Coordinating with maintenance personnel for repairs and deficiencies. Because the manager is an agent of the property owner, they also will be responsible for lease enforcement by ensuring compliance with the lease terms.
Other types of property management also fit within the residential property manager role as well. Types of management such as HOA management and Hospitality management. However, they also have unique skills and responsibilities that are unique to the property types they are involved with and they will be covered below.
Commercial Property Management –
Commercial property management is a broad term that encompasses lots of different property types. In fact, anything that isn’t residential property management could fall under the category of commercial property management. However, for the purposes of this article let’s consider commercial property management to be a type of property management that deals with properties like office and retail buildings such as storefronts and professional office space. Buildings in which businesses operate but do not contain living areas. Similar to residential, commercial management will be in charge of finding and screening tenants, showing space, and handling maintenance requests.
However, there are many differences. When it comes to the lease it’s very unlikely a manager would complete the lease forms on behalf of the owner. A licensed attorney will develop the lease. Each commercial tenant has different needs and leases will be different from one tenant to another.
It’s also likely that commercial tenants will need the space configured to meet the needs of their individual businesses. This is called a build-out. The build-out or build-to-suit should be done by a licensed contractor unless the configurations fall within the scope of the manager’s licensing laws. Each state is different and each firm will have different policies.
Commercial property management is a large and broad topic. A commercial property manager ensures the tenant adheres to the lease terms set forth in the agreement as well as handles maintenance and upkeep of the building itself.
HOA Property Managers –
HOA Property management is a subset of residential property management because they are dealing with properties in which people reside but there are some distinct differences.
Very few residents in an HOA will be tenants bound by a lease agreement. Most of the time the residents are individual property owners. HOA stands for Home Owners Association. HOA’s are most common in condo complexes and deed-restricted communities where each homeowner is bound to certain rules called Covenants and Restrictions.
With HOA management, the managers are in charge of ensuring compliance with the covenants and restrictions as well as maintenance of the common areas as defined by the rules of the HOA. Most HOA managers will need a specific license that allows them to manage HOA communities.
HOA managers are also responsible for conducting and participating in HOA board meetings. Resident owners make up an HOA board. If there is an HOA manager they are in charge of ensuring proper notices and other communications of the board are sent and delivered.
HOA management is a specialized form of property management and many states require a specific HOA or community management license or certification.
Facility Managers –
To understand a facility manager think of a group that handles a sports complex or a convention center. These are managers who handle the management of the facility rather than the tenants. A facility manager is also considered a commercial property manager but the difference is they specialize in a certain property type.
According to the IFMA (International Facility Managers Association), the definition of a facility manager is:
Facility management (FM) is a profession that encompasses multiple disciplines to ensure functionality, comfort, safety and efficiency of the built environment by integrating people, place, process and technology.
– IFMA
While facility management is also commercial property management, it is a specialized field of commercial management.
Hospitality Management –
Hospitality management is the last type of property manager on the list. This is a property manager or service provider focused on the management and operation of a hospitality property such as a hotel or vacation resort. A hospitality manager is also usually a service provider for guest relations, housekeeping, maintenance, and other types of operational support required for running a hotel, or resort.
Properties such as Airbnb’s and VRBO’s have also found their way into the hospitality space. Providing service for guests while maintaining a short-term rental property or vacation rental could be considered hospitality management as well.
There are all types of property managers. If you can think of others drop us a line and let us know! We’ll add it to the list.
