The top 2017 condo property management marketing trends include continued growth in social media tools. The first step to taking advantage of social media platforms is to evaluate and do a complete overhaul or tweak of the property management website or Facebook page.
Individuals who own or purchase condominiums, co- ops, or town houses may not be familiar with condo property management or the rules and roles of property management firms. Condo property management firms have to follow specific rules and regulations specific to the state and city. Additionally, there are five areas that property managers must handle: communication with owners, tenants and vendors, fiscal management, advice and consultation, record-keeping, and property management / maintenance.
Property owners may decide that property management is complicated, demanding, and time consuming and look to hire professionals to handle the work.
The duties of a typical condo property management firm include:
Owners of apartment buildings and residential rental properties are very much aware of the problems involved when dealing with tenants. It does not take long for one bad tenant to cause major stress and loss of income due to property damage or nonpayment of rents.
Obtaining the services of condo property management can alleviate most of these problems.
Top Benefits of Condo Property Management
- Credit applications and follow ups on all tenant applications.
- Higher caliber of tenants due to the application process.
- Improved tenant retention.
- Fewer legal fees arising from tenant disputes.
- Knowledge of landlord and tenant law and preparation of leases.
- Collection of rents on a timely basis and dealing with any problems that might arise should a tenant offer excuses not to pay.
A landlord who tries to manage his own apartment building will be quick to realize that problems can occur at any time. He has to be available 24 hours per day and 7 days per week. As well as dealing with the tenants, he has to either do all the repairs himself or supervise hired workers. A condo property management company can usually provide a solid network of licensed contractors to take care of the repairs and act as a general contractor while the work is being done. Regular maintenance and inspections as well as snow removal and lawn care all contribute to assuring the value of the property. The company can also maintain and monitor a 24 hour emergency repair telephone line, thereby relieving the owner of having to deal with middle of the night calls.
When an apartment is vacated, the property manager will check the apartment for damages and discuss with the tenant any charges for repairs should they be needed. He will also arrange for painting and cleaning of the apartment prior to listing it for rent. An empty apartment is a loss of income; knowing where to advertise and how to market the apartment will ensure that it is rented quickly.
As with any type of business, the owner must maintain proper records. The ability to prepare accurate financial statements is another responsibility that most owners are only too happy to hand over to professional condo property management. Members of the management firm are well versed in all the expense deductions that are allowable against income and therefore can assist the owner by ensuring that the correct amount of income tax is paid on the revenue.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.
Condominium owners must decide whether to form a condominium association management committee of condo owners or to retain a professional condo property management company. There will be arguments for and against each option as condo owners will have different opinions on how their property should be managed. Professional management almost always wins.