53131 - Real Estate Property Managers
When diving into the world of real estate services, NAICS Code 53131 stands out as a critical classification for businesses specializing in property management. Whether you’re a small business owner, investor, or government contractor, understanding this code is essential for identifying market opportunities and ensuring compliance. This blog post uncovers everything you need to know about NAICS 53131 - Real Estate Property Managers, its sector, typical activities, size standards, and more.
What is NAICS Code 53131?
NAICS 53131, titled Real Estate Property Managers, includes establishments primarily engaged in managing real estate properties on behalf of others. These properties can be residential, commercial, or industrial. Property managers within this classification handle essential operational duties such as leasing, maintenance, and managing tenant relations to maximize the value and income of real estate investments.
Sector: Real Estate and Rental and Leasing
NAICS 53131 belongs to the broader Real Estate and Rental and Leasing sector, which covers industries related to real estate services, rental of tangible assets, and leasing activities. This sector is vital for supporting real estate owners and investors by providing specialized management services to ensure efficient property operations.
Key Activities Under NAICS 53131
Real estate property managers generally focus on several core activities, including:
- Residential property management: Managing apartments, single-family homes, condominiums, and multi-family housing units.
- Commercial property management: Overseeing office buildings, retail centers, and mixed-use properties.
- Industrial property management: Handling warehouses, distribution centers, and manufacturing facilities.
- Lease negotiation and tenant screening
- Coordinating property maintenance and repairs
- Managing rents, payments, and financial records
- Enforcing lease terms and tenant communications
Size Standards for NAICS 53131
For small business classification and eligibility for certain government contracts, the Small Business Administration (SBA) sets size standards based on annual receipts or number of employees. For NAICS Code 53131, the typical size standard is:
| Criterion | Size Standard |
|---|---|
| Annual Receipts | $8 million average over 3 years |
Meeting this size standard enables businesses to qualify for federal small business programs.
Examples of Businesses That Fall Under NAICS 53131
Here are some typical business types you will find classified under NAICS 53131:
- Residential apartment complex management firms
- Commercial office building managers
- Industrial park property managers
- Mixed-use property management companies
- Condominium association management firms
NAICS 53131 Code Details Table
| Attribute | Detail |
|---|---|
| NAICS Code | 53131 |
| Title | Real Estate Property Managers |
| Description | Establishments primarily managing residential, commercial, and industrial properties on behalf of owners, including leasing, maintenance, and tenant relations. |
| Sector | Real Estate and Rental and Leasing |
| Typical Activities | Leasing, tenant management, maintenance coordination, financial management |
| SBA Size Standard | $8 million average annual receipts |
| Examples | Residential property management, commercial/industrial property management |
Frequently Asked Questions (FAQ)
What types of properties are managed under NAICS 53131?
Primarily residential, commercial, and industrial properties including apartments, office buildings, retail spaces, and warehouses.
Can small businesses qualify under this NAICS code for government contracts?
Yes, businesses with average annual receipts up to $8 million typically qualify as small businesses under this code.
Does this code include real estate sales or brokerage services?
No, NAICS 53131 specifically focuses on property management services, not brokerage or real estate sales.
What are the primary duties of a real estate property manager?
Handling leasing processes, maintaining properties, managing tenant relations, rent collection, and enforcement of lease agreements.
How can understanding NAICS codes benefit my property management business?
Knowing your NAICS code helps with accurate industry classification, marketing, government contracting, and access to specialized programs.
Conclusion
NAICS Code 53131 — Real Estate Property Managers — is a key classification for businesses dedicated to managing real estate assets across residential, commercial, and industrial sectors. Whether you’re evaluating market opportunities or pursuing government contracts, understanding this NAICS code helps streamline your business strategy and operational focus. Start aligning your services to the standards and expectations associated with NAICS 53131 to capitalize on growth within the vibrant real estate management industry.
Optimize your real estate property management business today by leveraging insights from NAICS 53131 and position yourself for success in this competitive sector.
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