Property management requires a significant investment of time and effort. That’s why many condominium corporations will decide to hire a property management company or property manager. But which of the two is the safest bet?
It may seem like hiring a property manager will mean that you’ll reap the benefits of having one committed individual. But if you are privy to the of the tasks and responsibilities of condo property management you’ll understand that trusting one person with your building can be difficult. You'll also want to avoid hiring based on how you feel about a particular individual. Even if you like a certain property manager on a personal level, it does not mean that they will be good at their job, or that they will stick around long term.
That is why hiring a property management company is the most sensible option for most condominium boards looking for management services. A large percentage of condo corporations now choose to hire property management companies to handle their properties – this number is only increasing.
By hiring a reputable property management company, you are not only protecting your condo building, but you’re also ensuring that it remains a successful operation. That’s why we have outlined the reasons why you should trust a reputable property management company over an individual property manager.
Property Management Company
Property management companies can take care of emergencies right away. They have a team of specialists that work for the company and can act rapidly in response to any concerns. Furthermore, not only do they have a team to take care of problems, they have the manpower to ensure your condo building’s tenants are taken care of.
When it comes to maintenance and inspections, property management companies have a familiarity with the industry that enables them to get the best rates from subcontractors and other workers. They are skilled in collaborating with different businesses, and as an added bonus, they can guarantee that the maintenance and repair work is up to the highest standards.
Simply put, they can ensure that someone is there to take care of problems on short notice, and have far greater resources at their disposal than any individual property manager could hope to have.
Individual Property Manager
Perhaps the biggest question you should be asking yourself about individual managers is as follows: why take a chance on how well an individual property manager knows the necessary laws and follows rules and regulations? With a licensed property management company, it is a certainty that their representatives will help you to avoid costly violations and lawsuits by keeping your condominium building compliant with all regulations.
Some studies have shown that a mere 10 percent of individuals turn out to be successful managers. That means that there is a huge chance that the wrong person for a management position will be hired. The truth is that it's hard to recognize what type of person makes a good property manager.
So, why not give your condo board access to the full hiring resources of a property management company as opposed to an individual property manager? Property management companies also have the knowledge to recognize who can perform their job properly.
Finally, when an issue arises concerning something unpleasant such as a flooded suite, you’ll need to get that taken care of immediately. An individual manager might be unavailable or dealing with other responsibilities. That’s when the situation can go from bad to worse.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing condominium buildings in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we manage has not. Contact us today.
Thank you for reading our blog. What are your thoughts on the importance of hiring a licensed property management company over an individual property manager? Please leave your comments or questions below.