If you’re looking into hiring a third party to handle your condominium property management services, chances are you’re seeking a solution that can make your job easier. Essentially, a management company can take over the job for you and save you a lot of time and headache. But, at the same time, you will also surrender some control when it comes to the day-to-day operations of your property.
Some people aren’t comfortable with bringing in a local condo management company. To better understand if it’s worth doing, let’s look into some of the benefits and drawbacks that come with hiring a property management company.
Condominium Property Management Services Decrease Your Responsibilities
Property owners who don’t have the time to spend on routine tasks like meeting prospective tenants, taking calls from occupants, or paying bills can benefit from hiring a management company. Are you an investor seeking to maximize the time you spend on new endeavors? Freeing yourself from time-consuming work can be a big plus.
Collecting rent from tardy tenants, handling evictions and unforeseen emergencies, among other stressful burdens, would fall on the property manager. That leaves you free to spend your time in other ways. You also wouldn’t be forced to remain close by at all times. Therefore, you get the kind of freedom you wouldn’t have if you were directly managing your condominium.
A Property Management Company Can Actually Save You Money
One of the responsibilities taken off of an owner’s hands when a condominium management company is hired is the tenant screening process. This process can be time-consuming as well as difficult for inexperienced owners. If a property manager handles this for you, you’ll reduce your liabilities. But you can also stand to save on future costs as well.
A thorough screening process typically results in more reliable tenants. That means many benefits in the long term. These renters tend to pay promptly. They cause less wear and tear on the condominium. Plus, they rent for longer periods of time. They also cause fewer problems overall.
However, better tenants are only the beginning of how a dependable property manager can help you save money moving forward. Other examples include:
- Lower costs on maintenance thanks to in-house staff and networks of licensed contractors with whom managers already have relationships.
- Shorter vacancy periods result from effective marketing, appropriate rental pricing, and improvements to the property when deemed necessary.
- Less tenant turnover comes from policies designed to keep occupants happier for longer; the more tenants you lose, the more money you will spend preparing the condo for the next renter.
- Assistance with taxes, which can help you maximize your returns. Additionally, property management fees are tax-deductible.
- Stable rent collection practices, which ensure that rent is consistently collected on time.
- Increased value of the property itself, thanks to better overall upkeep and maintenance.
The Negatives of Condominium Property Management Services
Not all property managers are created equal. Hiring a manager because they offer cheaper rates can lead to undesirable outcomes, like a deteriorating unit or problematic tenants. A reliable property management company is worth the investment and can prevent you from having to spend time and money fixing mistakes.
Another potential drawback is that a property manager might not necessarily handle issues the way an owner might. There may be times where the owner will disagree with the property manager’s decisions, but having open communication with the property management services will help to minimize problems.
It is important to keep in mind that while the good certainly seems to outweigh the bad, this is only accurate if you’ve hired a trustworthy, competent management company. Getting the wrong manager can become a drawback in itself, with many more headaches than you might’ve encountered had you chosen not to hire one in the first place.
If you are seeking reliable condominium property management services, or if you want to learn more about how these services can help you get the most out of your investment, contact our team of experts at Ardent Residential today.
