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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