When you're a part of a condo board, you've volunteered your time and energy into keeping the condo running and maintained. In all honesty, it can seem like a full-time job on top of the one you already have. There are things to fix, meetings to attend, rent to collect—the list never truly ends. If your condo board is running out of steam and time, hiring a property management company is your answer.
When you hire a property management company for your condo, they take care of the day-to-day operations for you. If landscape work needs to be done, they're on it. If problems come up with owners or tenants, they'll take care of that, too. A reputable property management company will enhance your premise and be knowledgeable about the legalities surrounding condos.
Hiring a Condo Property Management Company
You want to make sure you hire a property management company that will do a good job and not make your life more complicated. To ensure that happens, look for one that meets these four criteria.
1) A quick response time: Many things run a tight schedule, but disasters aren't one of them. Power outages, fires, and floods can't be expected to alarm owners and tenants in between the regular working hours of nine to five. These disasters can happen anytime and need to be addressed immediately by your property management company. The longer the situation sits unattended, the more damage will befall the building. You need to know the property management company has 24/7 response time if something happens.
2) The ability to save your corporation money: Property management companies have all sorts of experience, connections, and expertise, and they should be able to put those to work to save your condo corporation money. See if they can get lower maintenance costs for you through their network of licensed contractors. They should also be able to assist you with taxes, maximizing your returns. Their experience in property management should decrease vacancy periods, too, through effective marketing.
3) Decades of experience: Even though they may seem the same and offer similar services, not every property management company is equal. One of the main distinctions will be how long they have been in the business. An experienced and reputable property management company will stay abreast of regulatory law changes and best practices. You want a management team that has experience in every area. You don't want one great at landscaping, but lacking in governance.
You need a management company that does it all—the complete package.
4) Office capabilities: There are two layers to a property management company: those who work in the field landscaping, maintaining, etc. and those who work behind the scenes. You're more likely to see those in the field employees, but you shouldn't assume everything is working fine just seeing them about their work. Those who work behind the scenes in the back office are just as critical to the operation, so you need to know about their capabilities, too. Do they have a streamlined work order process? Who is responsible for overseeing governance? Are the finances overseen by a qualified and certified financial expert? This part of the property management company is just as crucial.
As you can see, hiring a property management company for your condo isn't a simple process. There's a lot you need to know about them to determine if they would be a good fit for your corporation. Ensure the company is capable of handling everything on both the front and back end, they can save you money, they're experienced in all areas, and they have a rapid response time. If they meet these criteria, then you've found a winner.