Many property owners delay the hiring of a condo management company, because the decision can seem like a difficult one to make. After all, how do you know if you’ve chosen the right one? Nevertheless, the task of hiring a company to manage your condo(s) is something you should do as soon as possible. Think about it this way: If you own property and don’t have a property management company, you are losing either money or time doing something that someone else can do better.
Whether you use one for pure consulting purposes, or for full service property management, your management company can help you plan for upcoming maintenance projects, cut down on expenses, tell you if you are renting at an appropriate price, find you reliable tenants if you’re not, and help with the countless pieces of paperwork that building owners have to file. Property management companies have two major advantages: they’ve been in the business of managing properties for a while, so they can prevent costly mistakes; and they can save you considerable amounts of time by managing the property for you.
It all comes down to value added. Your property will gain value through the intelligent decisions made by a prudent property management company. The condo owners will be happy and get along with each other. Tenants will want to move in. Maintenance issues will be resolved before they turn into disaster. In the long term, this increase in value will likely make up for most of what you are paying for property management services. What isn’t covered will be worth it for the time saved and the peace of mind alone.