How Residential And Commercial Property Management Differ

Properties fall into several different categories, and it is only natural for property management companies to fall into corresponding categories too. These different areas of expertise, the varying types of paperwork that might be needed and so on, mean there are several significant differences between residential and commercial property management.

In terms of commercial property management, smart leadership is needed if the premises are to be used to their best advantage - and to generate the maximum possible income from their usage. Different commercial premises may have different specific uses, from office-based professions to retail, and so on. Public access may be needed, along with adequate transport links for staff and customers to reach the premises. Other facilities may be on the site too, ranging from bathrooms to ATMs, and any machinery or equipment must be maintained to the necessary standard.

Of course, on commercial premises there is likely to be a greater need for security around the clock, whether that means supervising customers who are allowed on-site, or remaining vigilant to the threat of unauthorised trespassers breaching the perimeter fence. Commercial property management can put in place such technology as is required for electronic surveillance, along with safe parking facilities and lifts or escalators to allow access to the upper floors of the building. Entrances and exits are always significant in terms of security and in the safety of employees and visitors; good building management will also prepare for evacuation, with clearly signalled fire exits in case they are ever needed.

Whereas residential properties are often managed from a distance, with only occasional visits made in person, commercial Property Management Birmingham is typically more of a hands-on process, as it is essential to continually check that all of the required amenities are present and in good working order. Failure to do so can immediately impact on the value of the premises, and could also lead to safety risks for the people within its walls. Service charges for this kind of vigilance are set at a reasonable rate, such that they should be affordable while still covering the costs involved. The prevailing market rate helps to determine what is reasonable to pay and what is received in return, with a view to generating the best return on investment on mutually agreeable terms.

David smith has written many articles on various subjects Leasehold Property management, Residential Property management, Facilities management, Commercial Management Agents, property management, Property Management London, Block Management London. H