Owning a condo suite can be an opportunity to generate income. It can also become a nightmare when not properly managed.
Condo management for individual rental properties encompasses a series of responsibilities:
- Ensuring prospective tenants are suitable for tenancy. This typically includes a personal interview, credit report, background check and landlord references.
- Periodic checks to ensure the property is being maintained as expected.
- Rectifying in-suite repairs when warranted.
- Ensuring compliance with condo rules and bylaws.
Condo owners acting as their own property manager and failing in these areas can place their property, and that of other condo owners in a building, at risk.
Some condo corporations offer property management as an amenity through the Management Office for a fee. This is an important amenity in buildings with a substantial number of renters. It releases condo owners from the burden of acting as a property manager and provides numerous benefits. The Management Office is better able to keep track of what is going on in rental suites and ensure adequate oversight. Unreported problems can be identified more quickly. Tenant concerns can be addressed in a timely manner while ensuring owner interests are being represented. Periodic property inspections can be undertaken as warranted.
Both tenant and owner can be better serviced by this arrangement. Tenant issues can be resolved by the Management Office rather than having to contact a potentially unavailable or inaccessible landlord.