One of the largest differences between residential and commercial property management is the skill sets required to be successful. While some basic duties will overlap for both real estate types, commercial property managers are required to have a much broader, diverse and specific set of knowledge in order to successfully run their property types. Commercial covers an array of different property types (medical, office, retail, restaurant, industrial, etc.), which house drastically different businesses. Another big difference between residential and commercial property management is the people that occupy the property. While every tenant has needs to service, those needs do not translate into dollars and cents for residential tenants as it does for commercial. Tenants in a commercial property are running a business in that space, and how that space functions directly affects the success of their business. Think about it in terms of broken air conditioning. A residential tenant will be unhappy and uncomfortable, yes, but it isn’t an issue that loses them money. In a commercial property, having an issue with air conditioning means a tenant’s clients will be uncomfortable and unhappy, possibly causing them to lose business.
*Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.