The Five Best Practices of Successful Condo Property Management
Condo property management can be a fruitful venture for discerning investors, property owners, and managers. Professionally managed rental properties are highly resistant to economic uncertainties. The income derived from these investments helps business people considerably, both with the rising cost of goods and services and the constant fluctuations in real estate market value.
Reputable property management companies are always on the lookout for competent property managers. Most people value a thriving community, and it is helpful when a homeowner’s association does not saddle these parties with too many issues regarding contracts or maintenance. If you are a community of residents or a condo property manager, NYC Apartment Management provides these five tips to help you make the best of the units and common areas under your care.
Five Tips For Curating Thriving Properties
Condo property professionals handle the practical unit location, repair and maintenance, access routines that will keep your residents, association board, and rental property owners happy, and much more.
#1 Preventative Condo Property Maintenance is Better than Reactive Repairs
A real estate professional must register a condominium building as a commercial property with a local homeowner’s association board because of the level of traffic it attracts. Condo property holders and the people renting from them will pay commercial rates for utilities, including water and electricity. Efficient condo property management also includes the mundane but essential monthly tasks of checking gutters, fire alarms, and utilities, as condos tend to need more upkeep than private houses.
Condominiums support many people per square foot of the building, and high foot traffic leaves property managers more building concerns, including elevators, hallways, and reception areas. Preventative checks will save thousands in repairs, whether you are managing one unit or the whole building. However, a discerning administrator also embraces this opportunity to engage with the surrounding community and showcase their condominiums.
#2 Property Managers Should Run Background Checks on Tenants
When property managers are sure that their condo units are visitor-friendly, livable, and safe, they raise equity, property values and make holders feel that their fees are well-earned. One way to do this is a background check on prospective tenants. Contact a tenant’s former condo property management board and check for a history of losing deposits, breaking condominium rules, and late rent.
A responsible condo property manager will help shape a thriving condominium community. High-quality tenants make a condo board happier and the job easier, as well as better retention for a condo property manager to earn higher revenues. Better tenants also mean you will not be fixing broken fixtures, safety devices, and amenities as often.
If it is the tenant’s first time living in a condo, their former property manager and community neighbors will be able to provide more information about criminal factors, eviction, or credit history. Objective condo property management involves innumerable background checks without discrimination. Due diligence ensures your current tenants, condo unit proprietors, and management board continue to trust in your stewardship of the location.
#3 Open Door Communication is Essential in Managing Condos
An efficient condo property manager keeps an open line of communication with tenants and visitors. Hotels, condos, and Airbnbs thrive on online feedback and tenant sentiment. If you manage a condo with poor reviews from sites like Booking.com or the National Apartment Association, you might struggle to contact replacements when tenants inevitably leave.
Keep resident satisfaction high and save money on repair costs with a private mailbox for requests or concerns. People will let you know when a resident is violating condo rules by hosting pets, playing loud music, and disposing of waste materials improperly. A condo community can be watchful allies with a hotline facility to their condo manager.
A condo manager should be able to handle multiple mailboxes efficiently. Create a private inbox for residents and another for condo support teams. Timely responses to minor issues like fluctuating power supplies, broken water fixtures, and indoor airflow problems give tenants a lasting impression of you as a property manager, condo developer, or rent board member.
#4 A Condo Property Manager Must Excel at Home Service Improvement
Faulty wires, loose pipes, and broken switches are part of efficient condo property management. Most third-party maintenance companies are contractual, with personnel on revolving schedules to maximize profits from those renting condos. It is far better when a condo property manager handles basic repair requests themselves.
A manager will not need a professional background in plumbing, carpentry, or construction for most repair requests. There is a lot to save when you do not have to hire repair crews for broken toilets or turning off electrical circuit boards to do minor repair work.
#5 An Efficient Condo Manager Handles Conflict as a Professional
Condos are an innovative solution to overcrowding in urban areas. People who would otherwise occupy vast real estate areas can live within meters of one another in mid and high-rise properties. However, living in close confines can be a double-edged sword as personality clashes, disputes, and disagreements arise.
Efficient condo property management requires the effective use of de-escalation tactics. Resolving disagreements between people is essential, as many of these neighbors will have to live together for decades. A property manager will be responsible for handling conflicts between tenants and sometimes even playing the role of mediator between the condo board and other parties.
If tenants can turn to you when they notice a breach in community rules, the role can be rewarding. A property manager will have no contribution to the condo board policymaking process, so you must find ways to cordially enforce arrangements that will create a better living space for everyone under your protection.
Be Open to Hiring A Property Management Company
Self-managing rental properties can be time-consuming and labor-intensive. If you encounter problems that are intimidating, it is best to hire property professionals like NYC Apartment Management. Do not sacrifice precious time that you might need to take care of other tenants when our experts are available to assist you.
Call us today at 212-787-1214 for a customized package that will fit your unique needs.