The Differences Between Commercial and Residential Property Management
When researching property management companies, you’ll notice that they fall into two categories: commercial and residential. There are major differences between the two — and only by choosing the right one for your needs will you receive the support and services you require. Leases A lease for a residential property is usually brief, quite standardized, and easy to renew. In contrast, leases for commercial tenants are complex and may feature a variety of extension options. Only a commercial property manager is likely to understand such leases, know how to increase the price to the appropriate amount on an annual basis, and be able to help you if the tenant wants to end the contract early, which is often difficult and will depend on the termination clauses. Tenant Payments Tenants for residential properties only need to pay rent and utilities. This keeps things simple for residential property management companies . Commercial building tenants, however, are usually re