When you hire a professional property management company, you save time, money, and lots of hassles. They can handle all aspects of your condo community’s daily operations, legal aspects, and transactions, ensuring efficient management. There are many things you should about such a service.
Here are 10 best things to know about property management companies.
1. They screen the tenants
Every property owner wants to ensure that they have the best-possible tenants who pay their rent on time. Timely rent is the key to generating regular income. You want to find the kind of tenants who are careful about how they use the place and not cause any damages. Thus, you will not have a tenant who doesn't pay on time or causes damage to your property.
2. They manage all the repairs & maintenance
Another good thing about condo management companies is that they manage all the repairs and maintenance for your property. Whether it’s the plumbing, electrical systems, equipments or building, the manager will arrange for the job work. They will also monitor the work to ensure quality compliance.
3. They Fill Up Vacancies & Ensure Optimal Retention
This is something that you cannot do on your own like a professional. Neither the owners nor the condo community wants properties to remain vacant. You will not have to spend all your time marketing your property. An experienced manager will shorten vacancy time by getting the right tenants. Besides, they will also work to ensure longer average retention.
4. They Deal with Legal Issues
An experienced property management service can handle one of the biggest challenges as an owner – legal issues. They know about the latest tenancy laws and can take the right action to prevent or alleviate legal tussles.
5. They handle all Documentation
Property management is not just about handling the day to day operations, it also involves a lot of essential paperwork. When you hire a professional service, you will not have to spend all your time dealing with potential-tenants’ credit reports, drawing the lease agreements, doing background checks, and dealing with the billing, and notices.
6. They already have Lists of Contractors
When you hire a condo management service, they already have lists of contractors in the area. Whether it is fixing the plumbing, cleaning, or removing the snow, they will already know the right people to call for the job. They can also help you save more by getting special rates due to their well-established relationships.
When you have a condo management company, they will ensure that everything keeps running smoothly and efficiently. They will negotiate and secure contracts for clean-up, landscaping, trash removal, mowing, and other services.
7. They Deal with the Tenants
Your property manager acts as the contact with the tenants. A property manager will address all problems at all hours so that you will not have to drive over to the place. This means a lot of convenience and a hassle-free owner experience.
8. They Ensure Timely Payments
Another good thing about hiring the services of property management companies is that they take care of rental collection and bill payments. They will also enforce the lease policies if your tenants fail consistently to pay rents.
9. Get Tax Deduction
Condo owners may also be able to claim tax deduction for the professional services of a condo management company. Thus, hiring a property management service can help save money in several ways.
10. They Keep Everything Well Organized
One of the best things about hiring a property management service is that they keep everything organized for the condo community and the owners. It can be almost impossible for you to keep track of all the details on your own.
About the author: Craig Smith has years of experience in property management in Calgary. He suggests that condo communities should choose experienced and accomplished management services that focus on improving efficiency and increasing cost savings. He believes that every condo association, whether small or large, should be managed by a professional company to maintain high quality standards.