Condo Management: What's the little complex to do?

By
Managing Real Estate Broker with Full Circle Property Management

So in the world on condo management, the large communities normally have a condo office and a full time maintenance staff to handle the duties of maintenance, rent collection, tenant disputes, supervision, etc. What about smaller communities? What do they do?

Well, they normally don't have the money or enough units to have a full time manager so the option for many is to self-manage. Self management is when the board of directors, who are nomally residents of the complex, elect one unlucky person to become president and then they get to manage, normally for free.

That person then normally gets to field all the calls from their neighbors and/or friends, such as someone's is not picking up after their pet, or they parked in the wrong spot, or the weeds are in the bushes again. Most of the time its not too bad, but it certainly changes the walk around the complex for you.

The difficult thing to do, however, is dues collection and enforcement. It is difficult to have to collect dues when they are delinquent from your friends and neighbors. It puts a resident in a bad spot, but it is essential to the condo owners that dues be paid, and someone is going to have to talk to the resident, post doors, and file court notices if needed.

So I have a suggestion. Why not hire a part-time manager? You would be surprised how reasonable they are in cost, many working for as low as $10 per unit per month. This will free you up from the phone calls, the maintenance issues that happen, and the unpleasant task of dues collection and policing your neighbors and friends.

For more details about condo management, give us a call. We specialize in all forms of management for condos, homeowner associations, and properties.

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Rainmaker
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Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Dennis,

I am getting a lot of foreclosed condo listings these days.

It has given me a new respect for, and sympathy of, these hard working people, who care deeply about where they live, and are struggling these days to pay the bills.

Phil

Dec 14, 2011 09:47 PM #1
Rainmaker
1,255,496
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I no longer take rental units in properties that are SELF-managed - hiring a part-time PROFESSIONAL manager is the key for smaller properties.

Dec 14, 2011 10:18 PM #2
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Rainer
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Dennis Swartz

MBA, GRI...experience counts!
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