While condo property management is similar to managing other kinds of property, condos come with unique challenges. That’s why the condominium experts at Cobalt Creek Property Management have put together this list of time-saving tips.
Please note that some of these tips only apply if you’re responsible for the whole building instead of a single unit.
- Maintain An Open Line Of Communication With Your Tenants
- Stay On Top Of Preventative Building Maintenance
- Run Background Checks On All Prospective Tenants
- Get To Know The Community, Especially Its Politics
- Hire Professional Property Managers To Ease Your Workload
1. Communicate With Condo Tenants
The best condo property managers keep an open line of communication with their tenants and visitors. How quickly you respond to issues such as broken fixtures and power outages creates a lasting impression of you, for better or worse.
One strategy you can use is providing residents with a private mailbox, telephone hot line, or email address specifically for submitting concerns. You may be surprised how quickly and easily they’ll take to this system. Trust us — people will alert you when a fellow resident is violating condominium rules.
2. Preventative Building Maintenance
A large chunk of your condo property management duties will be mundane yet essential monthly maintenance tasks. High traffic areas — hallways, elevators, and reception lobbies — tend to require frequent care. Performing preventative checks can save you thousands in repair bills.
3. Run Background Checks On Tenants
Quality tenants help a condo community thrive, keep the board and neighbors happy, and make your job easier. The best way to ensure a steady stream of such residents is to perform background checks on all prospective tenants. Aside from the obvious criminal and credit histories, you should also look for a possible history of losing deposits, late rent, and breaking property rules.
4. Get To Know Your Condo Community
Any time you manage a multi-unit property, you need to know the community. This is especially true with condos since, in many ways, they are self-governing democracies. Consider that hundreds of people can live in a 100-unit complex; that’s the population of a small town.
Check the minutes of condominium association meetings regularly. Ask residents about the tone of the association’s politics whenever the opportunity arises. Keeping tabs on community conflicts and any internal rifts on the board will help you navigate future sticky situations.
5. Hire Condo Property Managers
Handling everything that goes into rental property management on your own takes a lot of work and time. If you run into intimidating problems or the workload grows too large to bear, it’s best to partner with professionals. At Cobalt Creek Property Management, we offer a full suite of services, like mediation, rent collection, and tenant screening services.
Hire A Denver Property Manager
Challenges always arise whenever large groups of people live within yards of each other. It falls on the property manager to address most of them. Contact Cobalt Creek Property Management today if you’re searching for a property management company to help you run your Denver condo more easily and profitably.