Hiring a company that can look after the management of your property can confer a lot of benefits. Yes, you are right; I am talking about a condo management company that can look after anything from big to small.
They can handle the day-to-day needs of the property, including taking care of the building security needs, ensuring that the landscaping can be done routinely, or any other issue that may arise in the building. But before taking charge of all the activities, a condo company must have a thorough knowledge of how a condominium building works.
A condo company sends its condo manager to look after the day-to-day affairs of the building. But how do you know which condo company to hire? It totally depends on your research and meetings you arrange with them to ask certain questions. Therefore, here are some points that will guide you towards hiring the right condo company-
1) Are they professionals?
Check whether they are associated with some relevant bodies in your state. Membership in organizations shows that you are dealing with professionals that are dedicated to the industry.
Apart from looking for ties, ensure that the individual managers within the company are qualified enough about the latest industry legislation to manage your property well and free you from the unnecessary workload.
2) How experienced are they?
An experienced property management company stays updated about the changing regulations in the company. They apply their best knowledge to provide you with all the services. They are working in the industry for a really long time and can present with in-network managers with other contractors and specialists.
An easy way to gauge companies’ experience is to ask them about their most significant challenges and how they overcame them. This can help you conclude how well they can deal with the issues and enjoy their work.
3) Are they financially efficient?
Large condo companies have various connections that can help you offer reliable maintenance deals. They can negotiate better rates for different services and help you save on taxes to increase your bottom line at the end of a financial year. Another thing the condo company can do to achieve financial efficiency is by minimizing vacancy periods by effective advertising.
4) Do they have a maintenance plan?
They must know the value of your property and come up with an active maintenance plan. It should not be something where important things are left for the last minute. They must be checked according to the planned time before they become a problem. For example, they must check HVAC and plumbing in the initial stage of the maintenance plan.
Your condo manager must develop a written plan every week to make it more clear for you to understand.
5) Are they easy to communicate with?
Choose a company that is good at keeping in contact with you during the project. A good condo company informs you about everything and remains in touch during an emergency.
Usually, professional companies offer multi-contact options such as email, phone numbers, and community websites.