A Look at Commercial and Residential Property Management

A Look at Commercial and Residential Property Management

For a property owner, choosing the right manager to run their leasing business makes a difference when it comes to time and profits. Finding the right firm requires knowledge of specific needs your building requires. Different types of properties need a different approach to property management, you wouldn’t maintain a commercial property the same way you would a residential property. When looking for a professional property management company, it’s important to find the expert who does a great job dealing with properties in your specific category. Here, Latitude Properties discusses some of the ways in which residential property management differs from commercial property management.

Residential VS Commercial Property Management: What’s the Difference?

Unlike commercial property management, residential focuses on the relationship with the tenants. Residential property managers put a lot of effort into communicating with tenants regularly about issues like rent, inspections, maintenance, emergencies and complaints. After all, they are also managing the tenants home, and they require extra attention.

When it comes to leasing, residential properties usually have shorter terms and larger turnover. Opposite, commercial properties have longer leases that are for multiple years. Location of a business is of great importance to business owners, as customers and clients tend to remember the business by their location. In this case, commercial tenants avoid moving their business too often, as it affects their customer base. Residential tenants move as necessary for their living situation or simply for finding a new property that has caught their eye. Creating a property that tenants will want to stay for longer periods of time, eliminates much of the turnover and maximizes your buildings revenue stream.

When it comes to maintenance, there are also differences between running commercial and residential properties. Residential tenants often focus on functionality and aesthetics, while commercial tenants focus on issues like structure, cost efficiency, square footage, and other elements. For a property manager, it requires a different approach on a daily basis, as well as seasonal maintenance.

Legal requirements are stricter when it comes to commercial leasing than residential, meaning that commercial property managers deal with higher standards for maintenance and permits than the residential ones. Issues like landscape damage for example, or proper basement storage, as well as safety plans for emergencies and natural disasters, and security standards, are a lot more demanding for a property manager running a commercial property than the one running a residential property.

Latitude Properties Runs Commercial and Residential Properties

We at Latitude Properties understand the specifics of running different types of properties. We will understand the requirements for maintaining and leasing your specific property, working towards a more valuable property and increasing your profits. Call Latitude Properties and forget worrying about legal regulations, liability issues, permit obtaining and leasing details. Our expert managers will take over the job, notifying you of all relevant information and costs of running your property. We guarantee to keep you completely informed of all details regarding the property, including fees and charges, as well as contractors we’ll use to take care of the property.