In May 2020, the median housing price, including condominiums, was $284,600.
Because so many people are looking to rent and relocate right now, there’s no better time to own and manage a condo. Popular sites for condos include beach shores and large mountains.
No matter where the condo you manage is, you’ll be faced with plenty of responsibilities. It’s overwhelming for new condo owners.
Don’t worry because we’ve provided a quick guide on condo management down below. Make sure to keep reading to make sure it’s smooth sailing.
The organization is crucial when managing a condo. You’ll manage vacation dates, cleaning companies, supplies for the condo, and communication with the building’s property manager.
This is the time to invest in planners, notebooks, or calendars. Management comes with learning curves so do your best to bounce back when mistakes happen.
Is it all too much? Look into condo management companies. You may even stumble across helpful software, such as this software solution.
Develop Relationships With Local Contractors
The building manager should help with the general upkeep of the grounds, but you’ll need a contractor for changes such as painting, lawn work, or major renovations. Find contractors you can trust.
If you know anyone that manages a condo in the area, ask for a list of contacts. These leads will at least get you started in your search for a good, trusted team.
Read online reviews of the contractors, and always ask to see pictures of their previous work. It’s too easy to get scammed these days.
Be Available for Problems, Come With Answers
Whenever guests are renting your condo, they may need to contact you with different problems. This can be as simple as they’re out of the provided toilet paper, or it can be as serious as trouble with the next-door neighbors.
No matter the problem, be prepared with a solution. If you promised a supply of toilet paper, use a grocery delivery service to bring more to the door. If neighbors are giving your guests a hard time, act as the mediator.
With all this said, keep written documentation of all agreements. Some guests may try to take advantage of your kindness. With proper contracts, you’ll be able to hold your ground.
Don’t Neglect the Property
Don’t dive into the world of condo property management if you plan on neglecting your condo. Unfortunately, many people view their condos as passive income and neglect to perform maintenance and upkeep.
Periodically visit the condo yourself to check things out. Provide guests with surveys to learn more about their experience. Ask a friend close to your condo to pop by between stays to peek inside the space.
Guests won’t want to pay for something that looks like it hasn’t been touched in years.
A Quick Guide on Condo Management
Condo management brings about a lot of excitement along with plenty of responsibility. If you’ve always wanted to manage a condo, take the leap now!
As you manage the condo, always remain organized and in contact with your guests. If things become too overwhelming, hire a condo management company to do the heavy work.
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