Single Banner
Home » Property Management » Condominium Management: Tips on Running a Successful Rental

Condominium property management can be complicated. Although it has similarities to other types of property management, such as single-family home management, it presents more challenges that can overwhelm property owners.

There is a lot to think about when it comes to condominium property management. While condominiums are independent units, condominium owners are still expected to take care of most of the tasks, such as tenant relations, maintenance, and repairs.

But First, What Sets Condos Apart?

Compared to rental properties that are rented out, condominiums are owned (the owner, of course, can then choose to rent out their unit). Condominiums are sold with the idea that the outside is the duty of the condominium owner’s association or the condominium management company, while the inside is the duty of the condo owner.

Therefore, if there’s a problem with the common areas, such as the pool, it is your responsibility to conduct repairs. Occupants are responsible for their own unit, and if they want to improve their property, such as paint the walls, they’re free to do that. But if something breaks, they’ll be responsible for that, too.

But if they are responsible for their own unit, what should you do when they break the rules? For instance, how will you deal with a broken pipe in an upper-floor unit that’s causing water damage on the lower floors? Fortunately, you still have overall power when it comes to these matters.

Tips on Managing a Condominium

If you manage a condominium community or a community of residents, Luxury Property Care has put together a couple of tips to help you manage the units and common spaces under your care.

#1 Have a Preventive Maintenance Plan

Condominiums see many people per square foot. Compared to other types of properties, condominiums have heavy foot traffic. This means that property managers will have to maintain more areas, such as the elevators, stairs, and reception rooms.

That’s why it’s vital to come up with a preventive maintenance plan for your condo community. A preventive maintenance plan allows you to nip the problem in the bud before it can become a costly concern. By monitoring the building’s systems, from the HVAC to plumbing systems, you’ll be able to make sure your property is in proper shape at all times. Not only that, but your tenants and homeowners will be pleased, too. Remember that they pay a premium to live in your condominium, so they expect to receive excellent services in return.

#2 Conduct Background Checks on Tenants

Be careful who you allow into your condominium. Bad tenants or homeowners can cause chaos, and chances are that you’ll have to conduct more repairs over time.

If it’s their first time living in a condominium, you must look into their criminal background, rental history, and credit history. Alternatively, your condominium management company could conduct background checks (without discrimination, of course) to make sure they’re who they say they are. Failure to do so may result in bad tenants ruining your property, causing a commotion, and disrupting their neighbors.

#3 Invest in Security

Take security seriously. Bear in mind that condo owners may secure their own units, but the rest of the condo is your responsibility.

Condo owners expect to live in a place that’s free from crime. With that said, you need to ensure that all spaces are secure. Check that all outside doors and common spaces are locked, and that they can be accessed only by condo owners. Install CCTVs in the parking lot, elevator, etc., and have someone monitor them 24/7. It would be wise to invest in additional security systems to avoid problems like break-ins.

#4 Establish a Vendor Network

Even though the owners are responsible for their unit, there will be matters that you must attend to, such as the maintenance of the pool, clubhouse, tennis courts, and more.

It can be a waste of time to look for a vendor when there’s a problem, so it’s best to establish a network of vetted vendors. In that way, you can immediately call someone in case of urgent concerns. If you’ve partnered with a property management firm, they should have their own network of vetted vendors that you can benefit from.

Another benefit of a vetted vendor network is the relationship you’ll build over time. The more you work with that particular vendor, the better their rates will be. They’ll be more likely to lower their rate without sacrificing the quality of service, saving you more money in the long term.

#5 Be Prepared to Handle Disputes

With only a wall separating the homeowners, there are bound to be disputes and disagreements. Personalities will clash, and people will complain about everything – even the noise from the way their upper-floor neighbor walks. People’s problems must be resolved immediately because many of them will have no choice but to coexist.

As a condominium property owner, you need to be prepared to be the mediator. Your role is to understand where they are coming from, confirm the validity of their claims, and guide them towards a compromise. You need to be unbiased as you do this, otherwise, the condo owner may sue you for discrimination.

If you aren’t familiar with de-escalation techniques, you may benefit from partnering with a property management firm. Property managers are trained when it comes to managing disputes and can ensure that all of the parties are pleased with the outcome.

#6 Maintain an Open Line of Communication

You shouldn’t be unreachable. Homeowners, tenants, and staff should be able to contact you at all times. This is because problems can arise at any time – if you can’t be reached, how will you or your condominium management company know that there’s something wrong?

If possible, leverage a property management tool such as a tenant portal where people can drop repair reports, complaints, etc. at any time.

Conclusion

You shouldn’t attempt to manage this type of property alone. If you own a condominium in South Florida, partner with the experts at Luxury Property Care. With us by your side, you won’t have to worry about the mountain of responsibilities that you’ll inevitably have to deal with. We’ll be your partners in property management, making sure that your tenants are pleased, and that your property is well-maintained.

Contact us at (561) 944 – 2992 or complete our contact form for more information on our South Florida condominium property management services.

Identifying the Risks of Luxury Real Estate Investing

09 Aug 2022

No one can disagree that real estate investment is one of the greatest ways to gain money and grow your

Leasing Your Office Space: Tips For Commercial Property Owners

08 Aug 2022

Investing in commercial spaces can be precarious, considering how many companies have pushed pause on their operations due to the

Reasons to Hire a Home Manager For Your Private Residence

05 Aug 2022

Homeowners don’t always have the time to attend to their homes. With the help of a home management company, you