I get this question a lot. When I tell people I work for a property management software company, I watch as their heads slightly tilt to the right, wondering what that actually means. I then go on to explain that the industry is made up of people who own rental property and are in charge of finding tenants and collecting the rent, etc.
At this point, most people assume I’m talking exclusively about apartment complexes, but property management really covers so much more. There are dozens of industry segments under the “property management” umbrella, but what it all boils down to is the exchange of space for money.
Dissecting the Property Management Definition
When you consider what kind of space we are talking about, that seemingly sterile definition doesn’t quite fit the heart of the industry. You see, these rented spaces are people’s homes, businesses, getaways, and storage spaces. Many have spent their lives developing business plans for that storefront. Some have moved their family across the country to settle into that apartment. Others have accumulated treasured goods to keep safe in that locker. These “units” are more than just square footage – they hold meaning, value, and sentiment.
All of this goes to show that the management of such space is incredibly important, and also incredibly personal. Property managers don’t just look for the checks that are slipped under the door. They know the people and faces connected with their properties and they want to offer the best value possible.
Property management is a people business. It’s about connection, collaboration, and community. It’s about giving people the space they need to conduct their business, raise their families, or break away from the daily grind.
So if you’re still wondering what property management is, look around. It’s everyday people providing space for the most precious things in life to happen.