Property managers serve as the glue to keep building operations at optimal functionality. When you’re looking to do business with a commercial real estate property, you’ll likely need to connect with and interact with their property managers.
So for this post, we answer some basic questions: What is the role of a property manager? What does a property management company do? What are the different types of property managers?
Property Management Definition
Property management companies oversee and maintain properties on behalf of owners. In addition to managing the day-to-day operations of a commercial building, they are pivotal in improving the property's value, managing risks and fostering tenant relationships. There are roughly nine types of buildings in commercial real estate, and three building classes. But property managers can be grouped into four types: residential (rental), commercial, industrial, and special purpose.
How Does Property Management Work?
The simple answer is: A property manager acts as the intermediary between property owners and tenants, handling the building’s operations. Their role is to protect the real estate assets while assuring the well-being and satisfaction of tenants.
Here are the four different property management types:
1. Multifamily housing / residential property managers
Residential property managers oversee apartment complexes, condominiums and other housing units. Their duties include tenant screening, lease negotiations, rent collection and maintenance. For businesses catering to this segment, understanding the needs of residential property managers can promote tailored solutions, such as specialized cleaning services or landscaping geared toward improving curb appeal.
2. Commercial property manager
Commercial property managers handle office buildings, retail spaces and industrial properties. Their responsibilities include attracting and retaining retail tenants, organizing promotional events and maintaining common areas. Service providers targeting commercial property managers may find opportunities to offer solutions related to facility maintenance, security services, energy-efficient technologies and promotional event coordination.
3. Industrial property management
Industrial property managers oversee warehouses, manufacturing facilities and distribution centers. Their responsibilities include managing logistics, coordinating equipment maintenance and assuring compliance with industry regulations. Businesses targeting industrial property managers might specialize in areas such as industrial equipment maintenance, waste management and logistics solutions.
4. Special-purpose property managers
Special-purpose properties include stadiums, theaters, religious institutions, educational facilities and health care centers. Managers navigate unique operational matters, comply with industry regulations, and prioritize tenant and stakeholder relations. Most special-purpose properties can't be marketed or used for any purpose other than what they were initially intended for. For instance, you're probably not going to turn a church into an apartment complex.
How to Market to Property Managers
Marketing goods or services to property management firms requires a strategic and targeted approach. Here's a guide on how businesses can effectively market their offerings.
Know your audience: Top challenges of property managers today
Property management can be a thankless job. They're the folks in the middle, caught between budget-conscious owners and demanding tenants. Learn about the top challenges facing property managers, such as:
Marketing properties to attract quality tenants
Maintaining properties and meeting tenants demands
Dealing with difficult tenants
Regulatory compliance
Managing budgets
Keeping up with technology
Handling emergencies
Attracting, hiring and keeping employees
Develop a targeted marketing strategy
Do your homework (that goes without saying) and get to know the property management firm. Many property management companies in the Biscred database (more than 18,000 in the U.S.) do more than manage properties. For example, Berkshire Hathaway Home Services in New Port Richey, Florida, is a real estate brokerage and listing agency. Identify the specific needs of property management firms by visiting their properties, and identify how you can address these challenges. Highlight how your goods or services can streamline their operations, reduce costs and improve overall property value.
Hone your relationship-building skills
In a separate post, we offer 23 tips for building B2B relationships, especially for the commercial real estate industries. Sharing industry knowledge and insights can be a powerful way to build trust. It shows that you’re an expert in your field, and you’ve got your pulse on your prospect’s industry, too.
Attend industry events and networking
Participate in industry events, conferences and networking opportunities where property management professionals gather. These events provide a platform to showcase your products or services, network with decision-makers, and stay informed about industry trends.
Implement targeted email campaigns
Provide personalized content that speaks to specific needs and challenges. Highlight promotions, discounts or special offers to incentivize engagement. We have several resources to help companies improve their email marketing campaigns:
Provide cost-effective solutions
Don’t bury the lead (did we just do that by putting this last?): Start your messaging by emphasizing what’s in it for them. Your message should explain how your solutions solve their problems, save them money, make their customers happy. Highlight the cost-effectiveness of your goods or services. Property management firms often operate within budget constraints, so showcasing the long-term value and potential for cost savings can be a successful approach.
By combining these strategies with Biscred’s robust dataset of CRE contacts, businesses can grow. We invite you to set up a demo of how you can access our database of more than 18,000 property management companies in the United States and find the exact right fit for your product or service.