Condo owners have unique needs that arise from the fact that they share common spaces with others. Condo owners typically also must abide by rules set forth by the condo association, and there must be a system in place to govern the condo operations, ensure rule compliance and take care of the common property. In almost every case, it is best to turn to a company that specializes in condo management to take care of all of the administrative tasks for you.
Benefits of Choosing a Professional for Condo Management
There are many benefits to using a professional condo management company. For instance, when you choose professional condo management:
- You protect the value of your property. A professional condo management company can take responsibility for routine inspections and preventive maintenance that might otherwise not get done. Maintaining the common areas and condo building is key, and having a professional can help.
- You maintain good neighbor relations. Your professional condo management company can work with and educate the board, assess dues, and enforce condo association provisions. No neighbor has to be the bad guy or police the others, but the necessary enforcement and dues collections still get done
- You get professional advice. There is a lot that goes into condo management beyond just simply collecting dues and enforcing the HOA. It is important, for example, to consider appropriate capital improvements in order for the value of each condo to increase in value. It is also important to comply with real estate tax laws, environmental laws and other government regulations. A professional condo management company will know about these regulations and help to ensure your building is in compliance.
- You keep your condo building financially stable. Condos typically collect dues that are used to meet the expenses of capital improvements and common area upkeep. It can be difficult to know what dues to assess, how to assess them or what to use the money for. When you choose a professional condo management company, you can get professional advice on these matters. Your condo management company can also take care of billing and accounting as well as of financial management and reporting so you will always know where the money goes.
- You get peace-of-mind. Entrusting the management of a condo board, condo building or condo association to a few neighbors who might not have property management experience can be disastrous if they do not know how to run the condo properly, make repairs and improvements and comply with requirements. When you have a professional condo management company, you don’t need to worry about all that- you know that there is someone knowledgeable who is in charge and accountable.
Finding a Company You Can Trust
When you are choosing a condo management company, you need to find someone you can trust. Real Estate Investor Services is that company. Since 1968, our full-service real estate investment company has been providing comprehensive condo management services. Contact us today and we can put together a personalized plan for you.
