When it comes to real estate purchases we need to know our options and study them thoroughly.

What is the difference between a property and a unit?

Property is a general term that can mean a plot of land, an individual residence, a building or compound containing a group of residences, a commercial area in a building complex, or facilities and amenities in a designated area. Units on the other hand, are the structures that go on top of the property or form it, and they take several forms such as single homes or residences. 

The Different Types of Unit

There are two types of units:

• Single-Unit Property: is when a property is leased as a single entity. Some examples of this are a townhouse, a condo, and a vacation rental.
• Multi-Unit Property: is when a property is divided into several units that are independently being rented by different tenants. Examples of these would be apartment buildings, duplex, and triplex apartments. Managing a multi-unit property means that you must individually add every unit with its corresponding lease and tenant information to your property management platform.

The Importance for Property Managers

Property managers can plan and manage all their operational activities on the RAY platform, enabling potential tenants to easily view their properties and find what they are looking for through RAY’s property search and unit filtering system. 

For property managers, knowing the difference between a unit and a property can better help them manage these assets. Through RAY, they can organize all property activities, feature the properties on a marketplace, collect tenants’ documents and sign  the leases. RAY’s wide variety of services allows property managers to do all this on one  single platform.

Interested? Book a demo or start your free trial today at getray.com.