One important role that condo association property management has is to act as the middle
person between the tenant and the property management landlord.
Property management should provide the property management landlord
with a sense of security, knowing that everyday needs from the renter
can be resolved without involving said property management landlord
unnecessarily. Hand and hand with that security, the tenant can be
assured that the property will be maintained to some set of standards
which can be reviewed with the property management team before an
agreement is reached. Property management is a delicate balance between
pleasing the property management landlord and keeping the renter happy
as well. The task of property management can prove to be harder than it
sounds. Maintaining an open line of communication in property
management and being able to address the needs of both property
management parties will make a successful property management business.
Other duties for property management but are not limited to; collecting
rent and HOA fees, posting and showing vacancies, maintenance issues, evictions,
failure to pay rent issues, harassment, and background checks on the
application forms. It is very important that a profitable property
management staff or team be knowledgeable in the current laws of the
city, state and county concerning tenant rights vs. landlord rights. Be
sure your property management team is up to date on current property
management codes, and other items that will benefit your property
management business. Getting caught up in property management legal
matters is no way to run a property management business.
Property management can be a very lucrative business when handled
correctly. Property management takes an organized, well communicated,
and dedicated individual or staff to be able to pull off a successful
property management company to serve condo association and HOAs. Typically property management companies
will charge their landlords or condo associations a percentage of the gross rent or condo fees collected
each month. This percentage for property management condo fees can range from
3 to 10% depending on the property management market. Sometimes a flat
fee is more appropriate when the property is a condominium or a type of
cooperative complex for property management. Some states might require
that property managers have a property management license or a real
estate license to be able to claim the title of property manager or
property management business.
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