In many cities, the condominium market is hot. In Seattle, some folks are looking to catch the tech wave and live in a place that’s close to work and entertainment, while others want to live in high-density, low maintenance homes in walkable neighborhoods. As a property owner, this inflow of motivated buyers can also mean an inflow of keen tenants, as many people decide to commit to a location but not to home ownership. This means that as an owner, you need to learn how to work with the unique condominium market.

Condo property managementWhat’s Different About Condo Property Management?

It’s not just the size that makes condominiums a different investment. When you purchase a condo, you’re purchasing space in a building. You aren’t buying land, and this means that your investment will generally appreciate less over time. You’ll also have more and different fees than you would have as the owner of a single family home, and you’ll need to accommodate these in your rent. Balancing fees for maintenance with the need to keep a relatively competitive rent can be difficult. However, condos can also have benefits. If you’re looking for a larger investment, you could negotiate a deal to purchase several condos at once, or you could purchase a small building and manage all of the rentals yourself.

Working With New Groups of Tenants

Depending on where you own properties, when you move into condo property management you might find your tenants are highly mobile. This means you will deal with move-in, move-out inspections and tenant screening more often than you would if you solely focused on single family homes.

Working With Homeowners’ Associations

One of the differences between your condo investment and a single family home is the homeowners’ association. The homeowners’ association can be a challenge to owners. It sets rental limits and restrictions, so you need to stay in good rapport with the association. It also sets rules that you and your tenants must follow.

However, homeowner associations can also be an asset to your condo investment, especially if you take the time to get to know the rules. The associations collect maintenance fees which they use to invest in ongoing property maintenance and in capital projects such as roof repairs. This means that you don’t need to manage all of this yourself. The rules that the associations create can also make your condo community one that is attractive to tenants.

Seeking Support

If you’re new to the condo investment market or you’re feeling overwhelmed by the additional complexities of managing condo properties, you’re not alone. Many owners turn to established property management companies for assistance with condo property management. You could ask a property manager to help you with tenant screening and selection, or you could also request additional services, such as someone who can create an ongoing connection with condo tenants and the homeowners’ association. Condo property management is complex, and it’s often prudent to look for help to manage your investment.

As you develop your portfolio of condo properties, you need an ally. Contact Lori Gill and Associates. We provide a range of property management services so that you can continue to have a thriving portfolio of condo properties, even if you’re working with multiple homeowner associations in many different locations. Make the most of your property investment; let us simplify condo property management processes. Connect with us today.