Individuals who own or purchase condominiums, co- ops, or town houses may not be familiar with condo property management or the rules and roles of property management firms. Condo property management firms have to follow specific rules and regulations specific to the state and city. Additionally, there are five areas that property managers must handle: communication with owners, tenants and vendors, fiscal management, advice and consultation, record-keeping, and property management / maintenance.
Property owners may decide that property management is complicated, demanding, and time consuming and look to hire professionals to handle the work.
The duties of a typical condo property management firm include:
Sending out annual and interim notices
Establishing and carrying out budgets
Responding to complaints and demands from tenants and owners
Maintaining positive communication
Paying the bills
Producing financial statements
Maintaining accurate records of members (record-keeping)
Providing maintenance services
Handling emergency situations
Inspecting property and contracts
Condo Property Management Software Solutions
Keeping track of monthly dues and property maintenance can produce a lot of paperwork. What can make condo property management a little easier, and less stressful?
Save Time and Money by Investing in the right Condo Property Management Software
Management software saves time and increases efficiency by making record keeping less complex. The condo management software offers solutions for residential and commercial property owners that ordinary software does not. With the right software, managers customize programs to keep track of financial statements and interactions with tenants and owners as well as vendors and the community associations.
Programs can be setup to store details of various profiles and prepare invoices automatically. The system should also be able to track dues owed and paid and other member obligations.
With so many responsibilities and demands to deal with, it is reasonable to assume that property managers can benefit from owning and using software designed for their needs.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.