Condo ownership is a profitable prospect for real estate investors as these properties have a high rental potential and optimal resale value. But maintenance and management of condos are far trickier than single-family homes. While rental occupants are responsible for their units, owners need to manage the maintenance and repairs of common areas such as lobbies and pools. Things may get complicated if renters break the rules or bring up disputes with each other. You can expect to feel stressed and overwhelmed as a property owner. Fortunately, you can rely on these best practices to stay ahead of condominium maintenance.
Implement a Preventive Maintenance Plan
Typically, condominiums have heavy foot traffic, so the maintenance requirements run high. Common areas like elevators, stairs, and reception rooms require an extra bit. A preventive property maintenance plan puts you in a good place. It helps you minimize expenses by addressing issues when they are still small. The plan also includes monitoring the building’s systems, such as plumbing and HVAC installations to ensure they are in a good shape at all times.
Invest in Security
Besides implementing a proactive maintenance plan, condominium owners must take security seriously. Once again, you are responsible for securing the common areas. A lack of proper security has dire downsides because it may even affect the rental potential and value of your property. Follow a stringent security plan with access control, CCTV surveillance, and professional guards. You should not have qualms about investing in security because the safety of your condo and tenants boosts your reputation in the long run.
Collaborate with Experts
Maintaining and managing a condominium can be a lot of work, regardless of the size of the property. Collaborating with an expert is the best way to address the challenges when managing condominiums for the long haul. A reputable property management company can take care of the nitty-gritty of the process as they have the relevant experience and expertise. The decision is even better if you reside far away from the property and cannot visit it often.
Conduct Tenant Background Checks
Although tenant background checks may not seem like a part of the condo maintenance plan, they are still crucial. A thorough background check of factors like rental history, criminal background, and credit history enables you to choose wisely. You must be watchful about allowing people into your property because bad ones may damage it. You may end up spending a lot more on maintenance and repairs when such tenants occupy the condo units.
Be Ready to Handle Disputes
Disputes and disagreements are integral aspects of condo living because many families share common areas and amenities. You may have to step in as a mediator when things get out of control. Your role entails listening to both parties, understanding the reason for the dispute, and guiding them toward a compromise. But remember to be unbiased while doing so because you may face legal action for discrimination. A property management firm is in a better place to help you with de-escalation techniques.
Maintaining a condo may sound daunting, but it should not be the reason to give up on the lucrative business prospect. You can follow these best practices to make the most of your investment.