For many first-time landlords, paying for a service to manage your condo complex can look like an unnecessary expense. You may feel that you should be capable of working as an independent property manager, eliminating the middleman while taking a larger share of the profits.
However, once you own two or three properties and the number of your occupants ventures into the hundreds or more, a condo building management professional can save you many potential long-term headaches, and your tenants will thank you for it.
Before signing a purchase, lease, or rental agreement, the roles and responsibilities of the homeowner’s association, condo management organization, and tenants must be clear to all parties. There should be no debates about who answers which concerns and who is responsible for hallway, stoop, or fixture maintenance. Condo property managers should eliminate most tenant concerns.
Whether you are a landlord wondering whether you need to hire a condo property manager or a resident who wants to petition your board to get a property manager, here are the benefits you can expect after getting in contact with an experienced condominium management firm.
The Role of Condo Building Management
If you are hearing about condo property management for the first time, you are not alone. Many first-time proprietors, site workers, occupants, and startup development companies struggle to justify hiring a condo building manager to their board or condominium association every year. Property management is a labor-intensive and time-consuming job that requires a lot of attention to detail, and it is responsible for the reputation of most urban rental properties on the market.
Condo property managers ensure the seamless flow of day-to-day operations for both occupants and proprietors. They supervise the level of upkeep, maintenance, and safety standards that condominiums and apartments must observe. If you notice that your condos are starting to have rusty fire escape stairs, malfunctioning elevators, and dirty hallways, it might be time to employ a property management professional.
A condo property manager is also responsible for collecting payments of rent and maintenance fees from residents. On top of that, they will also ensure that your apartment or condominium is legally sound. They will oversee all repairs, renovations, and remodelings to help your condo property to conform to the Disabilities Act, state-wide environmental standards, and requests from the residents and surrounding communities.
Most people who hire a professional from a condo building management firm are surprised by how many things they need to do in a timely manner. Condo upkeep and community relations are complex responsibilities that can be hard to manage without some form of on-the-ground assistance.
Here are the responsibilities of condo property managers in full detail.
Condo managers will eliminate vacancies in your apartment or condo complex by marketing your address on online marketplaces such as Realtor.com or StreetEasy. They will maintain relationships with agents and former occupants who may have family and friends willing to look at your condo address and become part of your community.
These days, if a person cannot find your address on sites like Facebook, Realtor.com, or MLS.com, it might as well not exist. A condo property manager will take excellent pictures of your well-maintained property and present them to the correct audience. They will also ensure that any deal or agreement will benefit you as an owner.
One of the most critical jobs of condo building management companies is screening potential members for a budding condo community. They must ensure that all occupants will make positive contributions to the condo association, board, and the communities they serve.
A condo property manager will conduct extensive background checks, saving you many hours of work. They will look through financial information such as credit ratings, tax returns, and financial statements of current income levels to ensure that the prospect’s stay in your community will not present a financial challenge. Managers will also reach out to the board or leadership association of the applicant’s previous condo community to verify that they won’t be problem occupants in the future.
Hiring contractors who will work within your annual or monthly budget can be one of the most stressful parts of owning a condo property. A condo property management company will maintain relationships with cost-efficient and quality contractors.
Many startup development companies attempt to perform landscaping, repainting, and upgrading of appliances without knowing local contractors. Hiring someone you trust to fix broken sprinklers, fire extinguishers, and smoke detectors is just one of many industry-standard quality practices that every property manager observes to protect their community.
Reliable contractors provide insurance policies for all their employees and have building codes and state regulations memorized. They can save you millions of dollars of liability through your condo property management company. They can also encourage compliance as occupants won’t respect your rules if they can’t expect the same level of professionalism from their landlord.
After hiring a property management professional, you will not need to sort through hundreds of security, pest control, and cleaning companies vying for wallet share in your area. They only need to conform to a budget from the board and call up reliable and cost-effective people.
Enforcing rental and leasing agreements while collecting rent on time is one of the foremost responsibilities of a property management professional. They are in charge of creating feasible payment structures for your community and initiating legal action when an occupant repeatedly fails to meet the stipulations on their contract.
Without timely collections, land and property owners might not have the budget to keep their buildings in working condition. It can hurt the community, the condo board, and everyone having an investment in the property.
When your condo has a high turnover rate, it tells the market that its facilities, board, or management team are turning it into an unpleasant place to live. One of the most significant differences between hiring a property manager and handling a condo yourself is that, through a management service, you can solve occupant disputes from a healthy distance. Your property manager will answer all complaints, handle maintenance work, and follow up on any resident issues that may take some time to resolve.
Management of condo complexes is a serious business. You can earn and lose millions in a matter of months if you do not have a skilled management service on your side.
At NYC Apartment Management, our experienced property managers will save you from all the unnecessary stress and hassles that come from renting or leasing your property. We will act as the buffer between you and disgruntled, late-paying, or destructive tenants.
Contact us at NYC Apartment Management today by calling 212-787-1214. Say goodbye to all your condo building management woes!