Condo management deals with the majority of unit and building-related issues. From mediating disputes to dealing with maintenance, they keep the day-to-day activities running smoothly. Knowing that your place has good management is a definite point in your favor. It counts for a lot when putting your unit up for lease or selling it to the next buyer. How do you know when your place has management that works?
When a property is properly managed, vacancy rates are low. Most condo owners will have ties to a condo for a maximum of five years. If they like the place, they can stay for even longer. There are people who have been known to stay for ten years or more. You’ll also notice that there are few units up for sale. Some will be open for lease but you will rarely find any actual vacancies due to a shortage of buyers. Projects by top real estate developers will be so in-demand that they get snatched up as soon as they’re put on the market.
When a property is properly managed, vacancy rates are low.
Shared areas and amenities that are kept in good working order are also signs that your building management does good work. It takes constant surveillance and responsiveness to make sure that everything is in great condition. Managers have to be able to mobilize the resources at their disposal to deal with issues in a timely manner. Faulty facilities and other problems that go a long time without any resolution can signal a certain degree of neglect. If you notice a blinking light tonight, it should be fixed by the end of the week, or else someone isn’t doing their job.Managers have to be able to mobilize the resources at their disposal to deal with issues in a timely manner.
Tenants should be kept informed of all important condo developments. A great management practice is to exhaust all means of getting them in the loop. Some buildings take the bulletin board approach where notices and memos are posted on a regular basis. A current practice also involves placing important bulletins in elevators and other common areas frequented by tenants. If all else fails, personnel will actually take the time to keep occupants informed. This is an especially important process when you take utility bills into account. If the power to your place is about to be cut and you don’t know about it, then management isn’t working for you.
Great management knows how to advertise. Given the current advancements in marketing and the rise of social media, going online isn’t an unfamiliar approach. Most developers have taken their businesses online to fantastic effect. Associations that take advantage of the latest marketing techniques are ones to watch out for. Knowing that they keep themselves informed of the current movements in the industry gives tenants the impression that they have all the right ideas. It makes you feel like you live in the place to be.
Places that benefit from good management will get a lot of buzz. The more news they generate, the more customers they’ll get. You’ll have folks always talking about your building or actually wanting to get their own units there. Of course, just like a members-only club, there’ll be a long line and no sign of an impending vacancy anytime soon.
At the very least, you know you have good management if all your needs are met. Given how difficult it is to manage a hundred units or so, much less an entire building, having nothing to complain about is already a huge advantage.
Do you think you lucked into a great condo association? What makes it awesome? Share with us your experiences in the comments!