Today’s question is, “What are the types of property managers that are out there?”
So there’s a bunch of different types and classifications of property managers.
I’m gonna hit four of them that I think are kind of the most popular.
The first one is commercial managers.
Commercial managers handle properties like industrial, office, mostly items for businesses.
That certainly takes a certain type of property manager to run those.
It’s very important to know that most people don’t do all of these well. There are managers who focus specifically on individual ones.
I do know a few that handle a bunch of them.
But, to handle each one well, it really takes a lot of talent. Commercial managers will handle a lot of business type assets.
The next one is, HOA management.
So this is becoming more and more popular especially in places like Nashville that are growing really fast with new homes and neighborhoods being built.
A lot of these communities are being handled by HOAs, and so managing those HOAs has become a real big business.
Obviously, these HOAs have boards and they need someone to help them manage. Someone to help them with the accounting, help hold all the people that are part of the HOA accountable to doing what the HOA documents say.
The third thing is, multifamily management.
This means like apartment communities.
This is kind of big assets all in one place, a lot of tenants in one place, a property in one place. It takes a certain type of manager to manage a multifamily asset.
And then the last thing is, what we do, Single-family residential management.
This has traditionally been a cottage industry, but it’s starting to change. There’s starting to be some more regional property management companies out there.
This is due to, not to get too in the weeds, but due to technology. So single-family management is managing a bunch of different houses in a bunch of different places with a bunch of different owners.
So those are the four types of management. I hope this was helpful. This is “Questions Owners Ask” I’m Matthew Whitaker with gkhouses.