Managing a condo property is a little different than managing apartments. Each unit in a condo is individually owned, whereas, generally, apartments are only leased to tenants on a temporary basis.
Working with multiple property owners housed in a single facility can be challenging.
Condo management companies must be equipped with the knowledge and experience required to successfully navigate the unique obstacles associated with managing condo properties.
1. Manage Finances
A condo management company must be prepared to take on the finances of the property. Condo owners pay an HOA fee each month. This fee is meant to help pay for essential community services.
HOA fees are used to pay landscapers, snow removal companies, and contractors that must perform repairs to the exterior of the building.
The board of directors elected by condo residents will typically outsource the management of these fees to an outside management company in order to avoid any conflicts of interest.
2. Maintain Property
The individuals who own a condo are responsible for any maintenance and repairs that must be performed inside the unit. The condo association is responsible for repairs and maintenance performed on the exterior of a building.
If an exterior repair is not made in a timely manner and it causes interior damage to a condo unit, the cost of both interior and exterior repairs must be paid by the condo association.
A good condo management company will have experience creating a maintenance schedule and coordinating major repairs. This experience will prevent any exterior damage from affecting the interior living spaces of individual condo owners over time.
3. Communicate With Condo Owners
Communication is an important skill for any condo management professional to have. Coordinating major projects and keeping the condo complex in harmony with so many different property owners on-site can be difficult.
It is the responsibility of the condo management team to communicate with condo owners and the elected board of directors to prevent problems.
The management team must be familiar with the covenants, conditions, and restrictions enacted by the HOA. Informing condo owners of any violations and helping them bring their property into compliance is an important task that is completed by a condo management team.
In order for a condo property to be successful, a skilled and experienced team must be brought in to manage the property. Condo management professionals can act as a liaison between elected board members and condo owners to maintain the financial health and integrity of the property as a whole.