Unlocking the Benefits of Professional Residential Property Management

Condominium/HOA Management Services

When homeowners choose to enter a condominium and/or HOA community, the goal is to reap the benefits of ownership, like financial returns and tax benefits, while sharing the physical expenses that come with owning a property amongst a collective group and ensuring the value of the asset is maintained. However, making management decisions for a condominium or HOA community can be a challenging and timely task when balancing a range of personalities and needs. A few of the most common pain points that can be overcome with a professional residential property manager are administrative responsibilities, lack of experience with property management, oversight of contractors, vendors, and other service providers. Rather than delegating responsibilities to a committee or select volunteer board member, a residential property manager can manage and organize sales and purchases, enforce community guidelines, navigate complex building issues, and maintain positive relationships with those responsible for landscaping, trash removal, heating and cooling, etc. In addition to the vast experience a professional provides, property managers generally have established relationships with local vendors, which can help your condo or HOA community lock in a high quality of service for an affordable price.

Market-Rate Apartments

When it comes to market-rate apartments, trends are ever-changing and resident retention can be a major obstacle for building owners. Having residential property managers on your team is key when it comes to creating strong and trusting tenant relationships, understanding the needs and tendencies of the community, and communicating promotions or events. Additionally, residential property managers are responsible handling all tenant-related tasks, including move-ins, move-outs, and maintenance requests. They also supervise the maintenance staff and coordinate repairs and upgrades to the property. Without hiring a professional residential property manager or team, the landlord or owner would have to handle all of these tasks themselves, which can be overwhelming and time-consuming, and costly.

Leasing & Sales

Owning, managing, and leasing a residential property are three separate challenges that shouldn’t fall entirely on the shoulders of one person. A residential property management team can be hired to take on specific tasks that go hand-in-hand with operating a successful and profitable building, like the leasing of available units. Leasing responsibilities include marketing and showing available spaces, communicating with prospective residents, managing lease expirations and renewals, and collecting rent from current residents. In an ownership scenario like a condominium or HOA, professional residential management is viewed as an added value to prospective buyers with an interest in maintaining the overall value of the property. Your property manager can also support property sales, collection of dues, etc.

Technology Solutions

Using technology to support the work needed to provide suitable, well-maintained homes and apartments for residents, including accounting and finance, online prospecting, building systems monitoring and reporting, and maintenance/repair services, can add significant value. By hiring a professional residential property management company, you gain access to industry leading technology that makes day-to-day management easier for both the owner and residents. The use of these platforms has become essential to driving efficient solutions in property management.

At the end of the day, if you’re a residential property owner, hiring an experienced residential property management team will create value for your properties and their communities and will also aid in implementing efficient management processes to alleviate day-to-day stressors. If you would like to learn more about how these services can be applied to your real estate, or if you’re ready to start the search for a professional residential property manager or property management team, visit www.ciminelli.com/residential-management.

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