How can you distinguish between types of property management services?

1 Full-Service Property Management

Full-service property management is the most comprehensive and expensive type of service that you can provide to your clients. It covers all aspects of managing a property, from finding and screening tenants, collecting rent and deposits, handling maintenance and repairs, enforcing lease terms and rules, dealing with evictions and legal issues, to preparing financial reports and tax documents. Full-service property management requires a high level of expertise, professionalism, and dedication, as well as a large network of contractors and vendors. It is ideal for clients who own multiple properties, have limited time or knowledge, or prefer to delegate all the work to a trusted manager.

2 Partial Property Management

Partial property management is a more flexible and affordable type of service that you can provide to your clients. It allows you to tailor your services according to your clients' needs and preferences. For example, you can offer to handle only certain aspects of managing a property, such as marketing and leasing, rent collection and accounting, or maintenance and inspections. Alternatively, you can offer to manage a property for a specific period of time, such as during a vacancy, a renovation, or a transition. Partial property management requires a good communication and negotiation skills, as well as a clear understanding of your clients' expectations and goals. It is ideal for clients who own single or few properties, have some time or knowledge, or prefer to retain some control over their properties.

3 Consultancy Property Management

Consultancy property management is the least involved and costly type of service that you can provide to your clients. It involves providing advice, guidance, and information to your clients on various aspects of managing a property, such as market analysis, tenant screening, lease drafting, legal compliance, or property valuation. Consultancy property management does not require you to perform any tasks or responsibilities related to managing a property, but rather to share your knowledge and expertise with your clients. Consultancy property management requires a high level of credibility, reliability, and competence, as well as a strong reputation and referrals. It is ideal for clients who own or manage their own properties, have sufficient time and knowledge, or prefer to handle all the work themselves.

4 How to Choose the Right Type of Property Management Service

When selecting the right type of property management service, you should consider your skills, experience, interests, availability, resources, and market demand. To decide what type of service to offer, ask yourself questions such as: What are your strengths and weaknesses? What are your goals? What are the benefits and challenges of each type of service? What do your potential clients expect? What opportunities and competition exist in the local market? Answering these questions will help you identify the best property management service for you and how to stand out from other property managers. You can also combine different services to create a unique offer that meets your clients' needs.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?