How Property Management Differs From Real Estate

Property management is the process of overseeing, managing and maintaining the physical properties of a business or organization. Property managers typically have a degree in business administration or related field and possess experience in property management, real estate or construction.

They are responsible for maintaining the property and ensuring that it is in working order, as well as marketing and leasing the space to respective tenants. In some cases, property managers may also be responsible for overseeing day-to-day operations of the property.

The property management industry differs from the real estate industry in a few key ways. For one, property managers are typically hired to oversee a defined area, such as an office building or apartment complex, rather than individual properties.

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They may also be hired on a contract basis rather than being contracted to work for a set period of time. In addition, property managers typically have less involvement in the day-to-day operations of their properties than real estate agents do.

Another key difference between property management and real estate is that the focus of property management is on the long term viability of the property, while the focus of real estate is on making quick sales and earning high commissions.

Property managers typically invest more time and money into maintaining and improving the condition of their properties than they would if they were just looking to make a quick sale.

Here are two types of property management:

1. Real estate agent:

A real estate agent is a professional who manages properties for others. They usually work for a real estate company, but there are also independent agents. They're responsible for finding tenants, negotiating leases, and dealing with any problems that may arise.

2. Property manager:

A property manager is similar to a real estate agent, but they're usually hired by landlords to manage their properties instead of being self-employed. They usually have less experience than real estate agents and may not be as knowledgeable about the market. However, they're usually more affordable and have more flexibility than real estate agents.