Thursday, September 10, 2009

Property Management for Condo Building Owners

If you have taken advantage of the buyer's market and the great prices on property by buying a condo building, you are probably trying to figure out what your next step is!

You have made a huge investment, and in order to get the most of that investment, you need to maintain, (and where possible improve) the condominium's condition. Managing an investment property and dealing with the maintenance aspects of buildings can be a daunting task--one that often requires the assistance of a full-time property manager or firm. The management company will charge a fee that you may feel is a substantial amount, but when you look at the services offered, you will see that the benefits far outweigh the costs.

Collecting Rent
Collecting rent can a very difficult and time consuming task--unfortunately, you sometimes have to chase tenants down, or handle situations when they are behind on their payments. For a non-professional, this can be very frustrating, (alas, even for the professional, it is frustrating!) but property management companies have developed processes and other mechanisms to be able to make this as pain-free and efficient as possible. They will make sure that rent is paid on time--and that you get your money!

A professional property management company will also be able to assist you in determining the fair market value of the condos and how much you should expect based on your competition, location and building. This will help you keep maximum occupancy!

Tenant Screening
You don't want just anyone occupying your condo. After all, you have an investment to protect!Tenant screening is one of the most difficult duties of any rental property owner. Luckily, the company responsible for the management of your properties will do for you. They will have each prospective tenant fill out an application, and they will call references, employment, credit and other factors before making the decision to allow them to become a resident.

Property management companies have the experience marketing property in your area. They know what works, and what doesn't. By utilizing an established property management firm, you are protecting yourself from the expense of trial-and-error marketing--and getting the most of your investment.

An experienced condo property management company will have knowledge of the legal issues and regulation associated with your condominiums. Staying in compliance with your federal, state, and local rules and regulations will be important and a good property management company can advise you on these matters and connect you with a real estate attorney when appropriate.

If you need anymore information on condo property management, or if you have a property in the Charlotte area, Fort Mill, SC, Boone, Myrtle Beach, or Concord and would like to know more about our property management services please contact Kuester at 1-704-321-8199.

Property Manager

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