Owning properties could be an excellent way to get more revenue and help others. However, managing them can be time-consuming and challenging. Therefore, you may look into property management options in Las Vegas, but may wonder if there’s a difference between residential and commercial versions.
There will likely be some overlap between the two, but commercial managers will have different knowledge and skill sets because they deal with more legal situations and different needs. It’s also important to note that some states require different educational and licensing requirements before the company can be considered a commercial property management business.
Knowledge/Skill Set Differences
Commercial PMs have a lot of regulatory and insurance information than apartment or condo buildings require. For example, a lighting company will require chemicals and may need to store them inside the building. If those chemicals could cause damage to other businesses or homes in the area, a special license or permit may be necessary.
Therefore, they need to know more things and have a skill set geared more toward businesses than people’s homes.
If you’re considering property management options in Las Vegas right now, you have options, both residential and commercial. Therefore, you should determine first whether your building can and should be used by other companies or if you want it to be people’s homes. In most cases, commercial property cannot be rented to individuals as a home and vice versa and you may be required to be in a commercial district.
Many times, PM companies can do both, so you may not need to worry. For example, if they can handle apartments and commercial properties, you can use them no matter which building you own. However, if they only deal with one type or specialize in one type, it may be better to find someone suitable to homes or businesses.