As an investor who acquired condos as a form of investment, management isn’t easy. This is considering you have other businesses to attend to, maybe even a day job. With all these engagements, how will you manage to care for your property?
This is why there’s a need to hire a condo property management company. Are you wondering what you stand to gain by seeking its services? Well, read on to find out more about the advantages of hiring a condo property management company. In addition, you’ll also get insight into the associated disadvantages. These pros and cons will help you make an informed decision; read on!
- Better Compliance
Like any other property, condominiums are regulated by laws. As the landlord, you might not be aware of the existence of these laws. If you are, there’s a high probability you won’t always be in the know about new changes. Hence, you’re highly likely to be held accountable for non-compliance.
Once you hire a company that does condo property management in Toronto, you no longer have to worry about being non-compliant. Most property management companies have the relevant laws at their fingertips. They also have networks through which they get information on any new or changing laws that affect your property. Therefore, in no case shall there be non-compliance on your part.
- High Level Of Expertise
Contrary to what most people believe, managing a property requires high-level skills. The company must make use of good people skills and excellent customer service when dealing with tenants. It must also understand basic project management and administration.
Hence, most condo property management companies work with a team of highly-qualified property managers. You’ll benefit from the exquisite negotiating skills of the team. For example, these skills enable the team to get tenants for your condos within the shortest time possible.
Also, the team’s high-level skills enable them to maintain your property. They’ve probably worked with other condominiums. Therefore, they know the extent of maintenance your property needs. This could include hiring landscaping services every now and then. In no case shall you find your property in an unkempt condition.
- Less Burden On You
As previously stated, managing a property isn’t an easy task. It comes with responsibilities you might struggle to keep up with as a landlord. For example, you must provide 24/7 tenant support as issues arise without prior warning. Suppose there are maintenance needs that arise at night or during the holidays. You have to take time off your daily operations and address the tenants’ issues. Fail to do so and you’re highly likely to lose tenants, which is undesirable. The list of responsibilities is endless, and all these might add stress to your life.
However, a property management company eases this burden. It’ll handle everything on your behalf, like disputes, payment collections, maintenance, and all the paperwork. With a property management company, you can continue with your daily routine without any interruptions.
- High Cost
Although many benefits come with hiring a condo property management company, these services are expensive. Different companies will charge different rates for property management services. Most of them will ask for a monthly fee. However, there’s a high probability that this isn’t the only cost you’ll incur as you partner with the company. Some companies will ask for additional fees to cater to marketing, listing, maintenance, and others. All these costs combined end up being quite hefty.
- Reduction Of Involvement And Control
Like any other investment, you want to be in control of your condo properties and know how they’re doing. Hiring a condo property management company can reduce your control, particularly over daily operations. Most companies will only inform you of the relevant aspects that maybe need your final decision.
However, you can practice open communication with your chosen property manager. This way, you’ll be aptly informed on matters that you want to be directly involved in, including arising disputes.
It’s good to point out, though, that the loss of control in some aspects of your property can be advantageous, especially for landlords who prefer a hands-off approach in management. The bottom line, of course, is that you’re still the owner, so it’s your choice how independent you want your hired property management company to be.
Seeking the services of a condo property management company has its advantages and disadvantages. This article highlights them. With this insight, you’ll be capable of weighing your options and deciding whether these services will work for you.