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Condominium management companies provide services to residential and commercial property owners. One group might offer a different set of real estate services than another, but all of the associations seek to do jobs that make it easier for property owners to collect rent for their real estate without doing a lot of work on their own. In addition, a condominium management company can often do work much more cheaply than an individual because they have access to wholesale discounts and cheaper labor.
When a landlord hires an association to run his or her property, it is important to make sure that the company has a strong reputation. Contacting real estate agents and other property owners in your area can help you determine whether the company can do its job properly.
You will, of course, need to make sure that the property management group has all proper licenses to conduct office tasks such as selling spaces and collecting rent for leased units. The association might take rent collection jobs from the supervisor, so you want to be sure that they are licensed to do this as well as provide property maintenance for the owner.
Many condo management companies will want you to sign a contract that determines exactly what services they will provide for the owner’s community and what fees they will receive for handling these jobs. As long as you fully understand the contract, it can protect you and the property that you have purchased, just as much as it protects the management company.
Condominium management is the management of condos--complexes or buildings made up of several living units, each individually owned. Many condo units feature common areas, such as parking lots, pools and playgrounds. Typically, owners pay a condo fee monthly or yearly which covers snow removal, lawn grooming and other chores. Condos feature an association or group, such as HOA, which oversees all aspects of condo living. Some condos are over-55 community living units, where only older owners may live, while others are open to anyone. Similar to management roles in any other field, condominium management involves the overseeing and managing of commercial and residential condominium properties. Jobs of licensed condo management agents, supers and landlords include collecting rent, addressing maintenance issues, addressing housing and cleaning issues, performing background and credit checks on tenants, working with contractors on new construction, managing building construction and development of land, as well as property repair and maintenance, and lease and purchase contracts. Professional condo management agencies can be local or international entities, serving cities, states or the nation and beyond. They may be part of a large real estate investment agency, dealing with not just condo units but also single and multi family homes, businesses, and luxury apartments. You can find property management companies and associations by looking up property management, condominium management agencies, or real estate company offices in your local phone book or in online directory listings. Some property management company groups deal with one type of real estate, such as commercial, while others deal with all types of real estate, including residential, new building construction, rentals, executive offices, duplexes, single and multi-family homes, villages, and condominiums.