Property Types

Property Types

There are a wide variety of property types that require management, each having its own peculiarities and placing unique demands on the manager of that real estate.

From a very broad perspective, the types of properties that require management fall into two categories: residential properties and commercial properties. 

Residential Properties

Residential properties are those in which people live, either as rental tenants or as owners.  Residential properties generally are defined by the type of ownership, the type of financing, and the types of tenants and/or residents.  The list of residential properties that require management is extensive and includes, among others:

• Apartments – conventionally financed

• Apartments − government-assisted and affordable housing, which includes residential rental properties in which the landlord receives all or part of the rent payment from a governmental body

• Public housing − owned and managed by a local or state governmental agency

• Condominiums, cooperatives, homeowners’ associations, and other common-interest developments

• Rental single-family homes

• Mobile home parks – where residents generally own their homes but lease the land and pay an access charge for utilities and common areas

• Single-room occupancy apartments

• Student housing

• Senior housing and housing for the elderly – which can range from independent living to full-scale assisted living

• Military housing − owned and operated by the military directly or by private companies under contract with the military

Commercial Properties

The term commercial property in its broadest definition encompasses all real estate development that is not exclusively residential and typically refers to properties where a commercial activity takes place.  This includes:

• Office buildings

• Specialty office buildings, most notably medical office buildings

• Shopping centers, strip centers, malls, and retail properties

• Self-storage properties or mini-warehouses – which resemble rows of attached garages and are used by individuals and small businesses to store and secure their goods themselves

• Industrial property − research and development parks, factories, and warehouses