10 Surprising Responsibilities Condo Management Company Takes For Your Building

10 Surprising Responsibilities Condo Management Company Takes For Your Building

Condo Management is essential to make the satisfaction of residents in your building. There are many property management companies that provide condominium management services to take care of your property in which the way you would take care of your home.

Evaluate the Property and Determine an Accurate Rental Rate

Condo management company always does detailed documentation of the interior and exterior of the building with photos. They usually offer recommendations on repairs and cosmetic. They also make researches for rental data to determine the optional rental rate. For the different policies like accepting pets and allowing smoking, they usually discuss with owners.

Conflict Settlor

Condo management company sometimes has to settle conflicts. They are well trained to deal with conflicts which pertain to the community rules.

Risk Management

Most condo management companies have the ability to plan and manage for the risks. Moreover, they also work towards risk relief and enable the HOA to ensure proper risk management plans are in place in order to look for key areas where there are risks, and then offer solutions.

Finance Management

Condo management company is also responsible for the management of financial matters of the condo board. They manage drafting the operational budget, drawing up the financial statements for each month, making the tax returns and collecting dues related to condos.

Effective Maintenance Planning

Although condo management companies usually help with problem solving, they only tackle maintenance when required. But, the best property management companies keep in sight the building maintenance and upkeep, handle the prevention care, and manage all the features, in which from ponds to pest control.

Inspecting Property

Condominium management also includes the regular checkup of the property. They must monitor and track the performance of site workers while a condo is building or even undergoing repairs and maintenance. Although direct supervision is not required as the contractors have been hired, they have to report to the condo board.

Tenant Screening and Selection

Condo management team always performs the background check to ensure the identity, credit history, income, rental history, etc. They grade the tenant according to the pre-defined tenant criteria as well as inform the tenants who were turned down.

Tenant Move In

Condo management company has to draw up leasing agreement and confirm the move in date with tenant. They must review the lease guidelines like rental payment terms and required property maintenance with tenant. After the detailed move in inspection with tenant, they have to verify the condition of the property prior to move-in. Then, they collect the first month’s rent and security deposit.

Tenant Move Out

When the client moves out, they must inspect the unit and fill out a report on the property’s condition. Depending on the estimated damages, they must return the balance of the security deposit to tenant.

Legal

Condo management company must always advise in the event of a legal dispute or litigation. They must understand and abide by the latest local, state, and federal legislation of renting and maintenance.

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