Condominium management has its share of unique challenges. Although it may seem quite similar to other kinds of property management, there are a few things you need to manage differently. Managing co-owned properties is not the same as managing a solely owned property. This is because such properties are subject to various constraints as it implies sharing common areas with co-owners and abiding by the rules set for such kind of living.
Here are some ways to manage a condominium with joint owners.
1. Set clear policies and expectations
Focusing on clarity and clear communication is essential whenever two parties are involved in an agreement. This applies to everything from roles, responsibilities, and processes. These have to be outlined and should be made clear as soon as you enter into a partnership. This allows all the parties involved to refer to the documentation in case things go wrong or if there is any dispute. Setting clear policies removes confusion at the later stages. It also prevents any single party from stepping out of line.
You need to clearly include the following points after your meetings. State who would be responsible for enforcing the regulations and how you would manage budget negotiations, who would approve vendor contracts, and what sort of emergency response plans are in place. It is also vital to list the expectations and the modes of communication approved by all the parties involved.
2. Responsibility is relative
While managing a condo complex, it is essential to maintain the units entirely under single management. Tenants need to follow a few basic rules while using the property and also while using the common areas and utilities. It is important to identify how you deal with a broken pipe, limited parking spots, and if a tenant is not keeping the premises clean. These issues can be solved only if you lay clear community rules and share responsibilities between the management and the tenants clearly. This will help your condominium property management team keep control of things.
3. Hosting a social gathering
Social gatherings are fun and they bring communities together. However, this would be possible only if the owners join forces to make it happen. Regardless of the event, you are planning to host, you need to ask the co-owners or the property management team to pitch in the details such as providing food, entertainment, and interacting with the tenants during the event.
4. Set methods for convenient communication
We live in a digital era offering us methods of instant communication. However, there can be times when you would want to rely on traditional methods and this could cause inconvenience to other parties involved. It could be worse if there are no clear communication methods listed for condo boards and with the luxury property management company. Though you can use email and texting, it would be better to have some kind of portal or an online communication platform where everybody could connect. These are powerful as they would allow you to resolve any queries or miscommunication in no time.
5. Share a welcome package with new tenants
The biggest complaint that tenants usually have is due to a lack of clarity from condo boards and management companies. The chances of complaints are higher when there are new tenants moving in and don’t have any clear communication or introduction given by the property management team or the owners. This problem can be solved by meeting the tenants in person or by offering them a welcome package.
You can address the most common concerns that any new tenants would have in the package. For instance, you can share what steps they need to take in case of any emergency. Try to list the point of contact and be clear about your policy regarding pets. If there are any monthly condo fees involved in maintenance, then you need to clearly state how much the tenant needs to pay. Also, list the policy on parking and visitors. Try to cover as many points as possible so that the tenants are happy when they move into your property.
6. Don’t take things personally
Despite taking care of everything, there are times when certain issues might arise. this is part of the course and you have the choice to make things better or worse. Hence, not taking the situation personally is the best thing to do. Remind yourself that everybody involved in the process is doing their best to do their job. There could be differences of opinions because of diverse experiences but you could always try to find some kind of common ground.
7. Building trust between parties involved
This could take time like any other relationship. Efforts have to be put in by the parties for strengthening the ties. Having positive interactions between the parties would make everything a better experience not just for the co-owners but also for the tenants.
Is it essential to work with a condo management company?
Condominium management is not an easy task especially if you already lead a busy lifestyle. This is when you can rely on an expert to take care of everything on your behalf. Delegating condo management to an expert will ensure that everything gets done in the right manner.
Professional condo management services from Luxury Property Care
Professional property managers at Luxury Property Care have multifaceted experience in condominium management. We provide cutting-edge solutions, professionalism, and on-demand support for ensuring effective and efficient condo management solutions. Give us a call at (561) 944-2992 to avail our broad range of services covering condominium and grant property management. Our expert property managers would help you make the most of your real estate investment while guaranteeing that your condo property is sought-after and well-maintained.