The year 2020 has unofficially been dubbed a year of clarity, a sort of play on perfect 20/20 vision. With that in mind, it’s the ideal time to clear up a few things when it comes to commercial property management. Chief among them is the misperception that managing apartments is the same as managing commercial property. In a nutshell, it’s not.
Texas REALTORS® that manage residential property operate under the statutes set forth in Texas Property Code Chapter 92, while their colleagues in commercial use Chapter 93 of the code to guide their actions. And the differences in the laws are tremendous. Knowing those distinctions can mean the difference between operating successfully and fighting in court to defend improper management decisions.
So, what caused all the confusion about apartment management being the same as managing office buildings, retail centers and warehouses? A likely culprit is that when purchasing an entire apartment community as an investment, the loan is considered a commercial product (a business loan) rather than a residential one. However, the loan type does not dictate the type of property being managed.
In an effort to clear up this and other common misunderstandings about commercial property management, HAR is hosting an innovative new one-hour webinar on Thursday, June 18, at 10 a.m. hosted by 20-year commercial real estate veteran Michica ‘Mish’ Guillory.
The goal of the webinar is to clarify exactly what commercial property management is – and isn’t – as well as illustrating how it differs from residential property management.
Here’s a sneak peek at some of the webinar highlights:
Mastering Tenant Relations: Understanding how to anticipate tenant needs can help reduce requests and increase satisfaction.
Managing Property Ownership Expectations: Effectively communicating with ownership is a vital part of the formula for success.
Facets of Day-to-Day Management: It’s not always about collecting rent. Management includes hiring vendors, repairs and maintenance, excellent record-keeping and understanding leases.
Commercial Tenant Management Software: Learn about a variety of software options available to commercial managers.
Commercial vs Residential lockouts: There’s a major difference in how lockouts are performed, and it’s key to effective management.
Texas Property Code: We’ll hit the highlights of the laws that govern commercial property management.