Condominium property management is a segment of property management that is different from the others. Although sharing some similarities, condo property management is different from managing single-family homes or apartment buildings. If you’re considering condo property management for your next property management endeavor, consider the ways in which it’s different.
Consider Community Needs
Getting involved with condo property management means considering the community’s needs. You’ll essentially be a part of the community as their property manager, and this means taking the time to understand and anticipate community needs as a whole rather than just individual needs. For example, the condominium may have a communal space where children and families can spend time, and you’ll need to maintenance this accordingly. Or the association may want you to take care of most of the work for the residents on a certain day so that residents will know when to expect you—you’ll need to make sure the community’s needs fit into your schedule for your relationship with them to thrive and for your business to meet their needs.
Condo property management is different from managing single-family homes because the condo you manage may require your assistance with special projects year round. This could involve anything from installing a children’s playground to building a fence around the new pool area. Special projects will vary from community to community. Discuss any potential special projects with the condo association during the interview so that you’ll be clear about any expectations they have, and you’ll also be able to find the resources to complete such projects if you don’t already. Some condominium associations may prefer that you be able to handle these types of projects by yourself or with your team rather than having to hire people or organizations they’re unfamiliar with.
Depending on how large your condo property management property is, chances are you’ll be spending a decent amount of time there replacing things, fixing things, and installing things. In your chain of supply, you’ll need to maintain good vendor relationships in order to be able to property supply your condo property with all the things they need in a timely manner. You may not need these same relationships if you’re managing just a few single-family homes, where you can just pick up supplies as you need them. If you’re managing apartment buildings in addition to condo properties, you’ll likely already have these vendor connections and can easily accommodate the supply and demand of your condominium community.
Accounting and Budgeting
One of the things condo property management will likely involve for the property manager is the ability to accurately account and budget finances in order to maintain the property. You’ll need to know exactly how much money you have to spend on repairs and maintenance, and going over budget without the condominium association’s approval won’t be an option. The community will be paying for their needs to be addressed, so you need to make sure you budget their money properly in order to address their needs in a timely and accurate manner with your condo property management. With apartment buildings, the owner may simply give you a budget and ask you to report back with receipts or estimates. With condo property management, it’s likely you’ll be in control.
Option for Self-Management
With condo property management, there’s usually an opportunity for self-management, meaning a member of the community agrees to be the property manager and takes care of the community’s collective and individual needs. If you’re already a member of a condominium association, this could be a great opportunity for you to do property management for them. Having this same option with single-family or apartment property management isn’t likely, so take advantage of the fact that you may be able to do property management for free or decreased rent and help out your community in the process. Many condominium associations like the idea of a member being the property manager because not only do they have a personal interest in keeping the property up, but they also know the condo property’s unique needs.
Condo property management can be a little more time consuming than single-family or apartment property management, simply because there’s an emphasis on the community and the community’s collective needs. Consider these differences for your condo property management, and make sure you can devote the time and expertise the association needs before agreeing to manage.