When it comes to facilities management services in the Philippines, you want the best out there and understandably so. After all, you can't expect to see success if you hire a property manager that is inexperienced and second-rate. But before anything else, it's important to understand the differences between commercial and residential property management. Without further ado, here goes:
- Residential property management deals largely with people, as opposed to commercial property management. Residential property managers need to deal with tenants on a regular basis with regard to a number of things; including but not limited to: paying rent, inspecting property, etc. On the other hand, commercial property management has more to do with contracts and ensuring that stipulations cited in them are followed or met.
- Leases for residential property are usually shorter than leases for commercial property. Having said that, commercial property managers usually take on properties that are leased for many years at a time. On the contrary, residential properties tend to change hands more often depending on the length of the lease.
- Both residential and commercial property management come with their own unique challenges. What are these challenges? Keeping up with repair and maintenance issues is part and parcel of property management. However, the workload might be lighter in this regard for commercial property managers due to the fact that tenants usually invest a considerable amount of money in the upkeep of commercial property.
- Residential property management is more personal. Again, as mentioned earlier, residential property management deals with people while commercial property management deals with contracts. If a tenant encounters a problem in a residential property, no matter how minor, they will likely reach out to the property manager. This is not usually the case with tenants of commercial properties.
Understanding the differences between commercial and residential property management is helpful and useful whether you've invested in either one of them or both. In summation, residential property management deals with people while commercial property management deals with contracts. Additionally, leases for residential properties are usually shorter than those for commercial properties. Lastly, both residential and commercial property management come with their own unique challenges.