By Dr. Timothy Bryant
The word management is from the Latin Manus, meaning hand. The term management has been interpreted to mean the handling, maneuvering, and guidance. Over the years the word passed into the French language in which was the bridge to English when the term entered the form to manage, a term that we all know as to manage, organize, and lead (Saman, Coroian, Sambotin, & Borlovan, 2011). The housing industry in America has boomed for investors to have an abundance of money to build houses, apartments, and shopping centers to rent out creating the job of property manager to lend a hand to the owners and investors of the various properties.
Most people lump property managers all under one umbrella. However there are two industries with property managers. One is residential and the other is commercial. Residential consists of houses, also known as a single family home, apartments, condominiums, and bungalows. Commercial property consists of industrial, motel, hotels, warehouse, storage units and retail properties. The duties for property manager for residential or commercial are similar, but responsibility, authority and laws are quite different. They lend the hand of the owner and assist them with showing the vacant property, reviewing the applications, collect all monies that pertain to the application, deposit, and rent monies. They collect, take repair requests and oversee that the buildings are in good repair and handle lease management duties.
Within the industry of residential property managers their are several more types. The types of managers can stretch from limited to full service. The title of managers range from service agents, leasing agents, site managers, portfolio managers, asset managers, property managers, facility managers to general managers. Level of authority, responsibility and task can be vastly different within management. Understanding the difference can avoid headaches.
As such, dealing with a Hotel Manager, who leaves chocolates on a pillow and charges a daily rate to occupants, is much different under statutory guidelines than working with an apartment complex manager. Hotels are considered commercial and focused on customer service, or ‘hospitality’. More so, an apartment complex manager who works under the employment of a corporate owner-investor is not required to be licensed in real estate. Apartment complex managers can operate very different than third-party-licensed-brokerage property managers.
Licensed property managers operate as an agent for third-party private owners of single family homes and multi-family. They most often, operate to facilitate lease compliance and may not be a party to the lease, like Estate Brokers LLC, in Orlando Florida. A brokerage’ main responsibility often is to protect the property owner, property, and lease integrity. At times, is can be an adversarial position to the tenant. Tenants in these leases, are most often, responsible for the home, and the tenant must return the home in the same condition or better, to the management, to avoid costly headaches.
Therefore if you are the tenant, and if your expectations are not being met by management, it could be the difference of understanding that you just might be the one responsible in the lease agreement. If you are a tenant, its a great idea to understand the terms in the lease, because not all managers are the same.
Saman, O. P., Coroian, A., Sambotin, L., & Borlovan, I. (2011). Concept of property management. 13(2), 277-280.