Within the field of rental property management is an important distinction to be made when it comes to the types of services offered by property management companies: Partial Service vs Full Service vs A La Carte property management. Below we take a deep look into each type of property management service structure commonly offered.
Property Management Service Offerings
Property management companies offer their services in many different forms. Below we take a look at the most common 3 types of service offerings that property management companies offer.
Full Service Property Management
Full Service Property Management is when a property management company takes care of every aspect of management. From leasing, to rent collection, maintenance, and sometimes even mortgage payments. Full Service Property Management is designed to perform all tasks required by a property owner or self-managing landlord. Full service property management is the most costly, yet also the most hands-off type of property management for real estate investors.
Who is Full Service Management Best for?
Full service property management is best for rental property owners who prefer not to directly deal with the challenges found in property management, but still want to directly own rental real estate. This type of property management is also great for investors who want their investment property to truly be a 100% passive income stream.
Partial Service Property Management
Partial Service Property Management is when a property management company facilitates a limited amount of management tasks. This may include only overseeing marketing and leasing the rental property, in which the property owner then actively takes over management after that. In partial service property management, additional services can be incrementally added on as desired by the property owner.
Who is Partial Service Management Best for?
Partial service property management is best for rental property owners who want to outsource some of the property management duties, but still keep an active hand in the property’s operations. Partial service management can be a great stepping-stone for those that self manage, to transition into full service management.
A La Carte Property Management
A la carte property management is when property management companies allow clients to select individual property management services as requested. For example, the property owner may only want the management company to handle leasing or maintenance issues. A la carte services are usually billed to the property owner based on the services rendered.
Who is A La Carte Management Best for?
Property management companies that provide a la carte services are best for those rental property owners who are active in the day-to-day management of their property, but just need assistance with one or very limited type of services.