Hiring a management company to run your condominium can save you a lot of time and running around. Being a landlord is a lot more involved than a lot of property owners are aware of. A condo property management company can take care of the maintenance, tenant needs, and money collection. If you own a condo or several condo units and the management company is taking care of your tenants, it is important that you still stay abreast of certain things. Here are three updates that you should request that your condo property management company provide you with on a regular basis.
Any type of maintenance or property damage
The good thing about hiring a property management company is that they can dispatch a professional to take care of any requested maintenance at your condo. Although you may not want to be in charge of getting the maintenance done, you should request to be updated any time that maintenance is requested. You need this information in case you see a pattern of a specific appliance breaking down or issue with the pipes in one of the rooms. This will let you know if your condo is in need of a deeper inspection or needs brand new appliances, instead of constant repairs.
If there are changes to the individuals living in the unit
It is important that you know exactly who is residing inside of your unit. Most condos will require that you only allow a certain amount of people to stay in a condo that is of a certain size. If the tenants who are residing inside of your unit are expanding their family or seem to have someone else living with them, this is information that you should request from your management company. Knowing who is inside of the unit and how many people live in the unit can also help to estimate any extra utility costs that may come along with an increase in tenants.
Changes in interest in your condo or properties
If you have an open unit or several units, you need to know how much or how little interest you are getting in the unit. If the unit is empty or will be soon, a listing should go up to look for tenants. If you are getting more interest or less interest than in the past, you may need to recheck how much you are charging or any perks that you should be offering with your rentals. Knowing about any changes in the interest that you have garnered will help you keep up with the current real estate market.
Once you sign the sale contract with your listing agent, there's a good chance that things will start moving quickly. Your agent will want you to stage your home for the listing photos, open houses, and showings. If you've never experienced the staging process, you may not know exactly what to do or where to start. The information on this site will help you to not only understand what's expected of staging but also offer tips for you to maximize your efforts without investing a lot of time. I hope the information here makes your home sale process a little bit less confusing and a little easier to manage.