Every type of property needs regular maintenance, and many have certain rules for owners or tenants. Management companies are invaluable in keeping all of these things straight for property owners and communities, but an HOA manager isn’t the same thing as a property manager. Here is what you need to know about the difference between HOA and commercial property management companies.
What is an HOA Management Company?
Homeowner’s associations are popular in many areas throughout the country, partially because they help property owners maintain their value. According to iProperty Management, one in four Americans now lives under an HOA.
HOAs collect dues, enforce rules, and are responsible for maintaining common areas like pools, parks, and clubhouses. It’s a lot of work, which is why many hire HOA management companies to provide these services.
What Commercial Property Management Companies Do
Property managers are in charge of taking care of the property. This can range from handling regular maintenance service to responding to a tenant’s request for an urgent repair. They also ensure that tenants are properly caring for their individual units according to their lease agreements.
A property management company may or may not work alongside an HOA. They can be hired by an HOA to help manage various aspects of the property and provide support to homeowners.
The Difference Between an HOA and Commercial Property Management
Commercial property management varies from HOA management in several respects. Here are some of the differences between an HOA and commercial property management companies.
First, most of the occupants of a commercial property are tenants instead of owners. One key aspect of commercial property management that differs from HOA management is helping the property owner find and retain quality tenants.
Whether it’s a residential or commercial property, each occupant is generally responsible for their own property. But corporately-held land and common spaces are different. A commercial property management company can manage those common spaces or even work on behalf of a single property tenant if that is who hires them.
3. Rent & Dues
HOA management companies collect homeowner dues and serve as the association’s bookkeeper and accountant. A property management company can collect rent payments on behalf of property owners and handle vendor payments for maintenance and repair needs.
4. Community Maintenance
HOA and commercial property management is similar in many respects when it comes to community maintenance. Both an HOA and a property management company can manage maintenance and repairs. But, sometimes, an HOA management company will contract with a property manager to handle these items.
Quality Commercial Property Management Services in Charleston, SC
Managing commercial property can be a time-consuming and complex undertaking. Whether you own a retail development, an office building, or some other commercial space, Caldwell Commercial can help ensure the success of your commercial real estate business.
Our team of commercial property managers and realtors in Charleston, SC, has over 80 years of combined experience in the industry. Contact us today to learn more about how we can put our knowledge and resources to work on your behalf.