Property management involves the daily oversight of real estate by third-party contractors or property managers. Any property owner who does not want to directly undertake the day-to-day activities of running or managing a property needs a property management firm.
However, here are a few things to know before looking for a Lincoln Park property management firm.
Property Manager’s Responsibilities
- Screening potential tenants
- Supervising other employees
- Arranging for necessary inspections and repairs
- Drafting, renewing, and signing leases on the property owner’s behalf
- Understanding and implementing national and state landlord-tenant laws and regulations
- Handling taxes
- Marketing properties
- Taking care of property maintenance, including snow removal and landscaping
- Collecting rent
- Setting up property maintenance and repair budgets
Types Of Property Management
Before looking for a property management firm, it is vital to understand the services they offer and the types of properties they manage.
1. Residential property management
Residential property managers usually oversee rental properties, including vacation rentals, single-family homes, condominiums, multi-family homes, apartments, real estate-owned properties, and townhouses.
2. Commercial property management
This applies to co-working spaces, office properties, retail properties like malls or gas stations, and public accommodations such as hotels.
3. Industrial property management
Industrial property managers care for distribution facilities, light manufacturing factories like food packaging warehouses, and heavy manufacturing facilities like steel mills or automotive plants.
4. Special-purpose property management
This applies to properties that don’t fit the above categories. They include places of worship, theaters, universities or schools, senior care facilities, resorts, and sports arenas.
Landmark Property Management has been in business since 2014 and manages over 300 units. They are a trusted full-service Lincoln Park property management firm offering various services personalized to their client’s needs and property types. Visit to learn more about them and book their services.
