10 Jan Property Management Styles
Property Management Styles
In the world of San Diego property management, you will find different types of property management styles. So, as you look around at property management companies in San Diego, keep in mind, not only will the service offerings vary. Each property management company will also have a different structure. Which is impacted by many things, such as the type of client, type of service, and the size of the company. That said, there are also two distinct types of property management styles. While some property managers prefer to stay behind their desk, others are more hands on.
The important thing to make note of here is that both styles can be effective. However, if you are considering hiring a property management company for the very first time. It’s important to understand the difference between departmental and portfolio property management. That’s because, understanding the unique ways a property management company can structure itself is an important part of the hiring process. With this in mind, we offer some insight on both types of property management styles.
Departmental Property Management Style (Structure)
In the departmental property management structure, one person or department is responsible for one specific area. Hence the name departmental. When a company structures their property management business this way, it means they have people who specialize in one specific area of property management. As an example, departments often include, leasing, property management, accounting, maintenance, and administration. Each department focuses on one set of responsibilities. And each department works on all properties managed by that office. This means there can be four different people involved with taking care of a rental property.
Portfolio Property Management Style (Structure)
With a portfolio property management style set up, there is one property manager for each portfolio. And, that one property manager is responsible for managing everything. This means, that one property manager is responsible for leasing, maintenance, inspections, and contact with the tenant and the owner. This type of property management not only requires a deep understanding at the individual property level. But also a great deal of efficiency and organization of the real estate portfolio. With this in mind, it is not unusual for property managers to constantly find themselves juggling an extensive group of tasks for individuals with diverse needs.
The Best Property Management Style
Anyone who has tried to focus on two vary different roles simultaneously understands just how difficult it actually is. Regardless of what type of property management style a company is using, minimizing risk and maximizing profits is the end game. That said, it is rare to find a management company that is purely portfolio or departmental. In fact, most companies today use a hybrid approach to managing properties efficiently. Again, no matter what type of structure a company is using. Minimizing risk (namely the risk of litigation and damage to rental units) and maximizing profits (by minimizing vacancy rates and reducing maintenance/repair costs) should be the main goals of any property management company.
Assessing if a Property Management Company Fits Your Needs
Managing all of the day-to-day responsibilities of property management is a full-time job that requires a high level of know-how and experience. Still, not all property management companies are created equal, and there are a number of things you’ll want to consider when deciding whether a particular property management company will fit your needs. Your success in selecting the right company hinges on your ability to ask the right questions. For this reason, if you have questions about our services, give us a call. We are happy to answer any questions you may have.