What to Look for in a New Condo Management Company
When you’re searching for a new condo management company to help handle your rental property, it’s essential that you do your homework. Failing to choose a reputable, experienced management company could leave you facing issues like damaged property and unhappy tenants.
You may have heard horror stories about companies that use less-than-adequate maintenance services or fail to keep up with landscaping around the complex. Alberta condo owners never want to find themselves in this situation themselves.
Fortunately, there are several ways you can protect yourself from becoming involved with an unreliable condo management company. From researching their existing properties to looking up online reviews, taking precautions early on will keep your worries at bay.
Our Top Tips for Selecting a New Condo Management Company
1. Look at Reviews Before Hiring a Condo Management Company
One of the simplest ways to peek into a company’s history is to look at its reviews. Are previous customers satisfied with their services? While it’s highly unlikely any business will ever have anything but genuinely perfect ratings, take a look at how the company addresses less-than-stellar reviews.
Do the same issues appear in multiple comments? Has the company made an effort to address any negative feedback or provide an explanation? Taking time to thoroughly sift through reviews is one of the most useful tips for finding the best property manager.
2. Network with Other Alberta Condo Owners
Don’t feel like you are alone when you’re on the hunt for a great condo management company. Alberta condo owners are everywhere! Join local network groups to meet other condo owners in the area and get advice on the best agencies around. Check social media listings (like Meetup or Facebook) to find condo owner groups in the region.
Not only will you have the chance to make some friends, but you’ll have the opportunity for a face-to-face meeting with like-minded property owners. You can get firsthand advice regarding which companies excel in which areas (and which companies to avoid).
3. Make Sure Your New Condo Management Company Fits Your Needs
When choosing a condo management company, make the most of your first meeting with them. Be sure to come prepared with a list of questions that ensures the company is a perfect match for your needs. For example, consider:
- What sort of formal reports will you receive from the company?
- How often will the management company check in with you? Can you expect to hear from them weekly or monthly?
- How are tenants screened? What happens if a tenant doesn’t pay their rent on time?
- What’s the schedule for lawn maintenance?
Don’t be shy about asking lots of questions, and never make the mistake of assuming a company will provide certain services. You’ll likely find that some management companies provide even more benefits than you expected, but unfortunately, it’s just as likely that many will not.
4. Inspect the Premises Before Choosing a Condo Management Company
An easy way to get a feel for how a prospective condo management company operates is to take a look at their current properties. Are areas well maintained? Are the building’s exteriors in good condition? Look for signs of inattentive companies, like litter accumulated in the yard, overgrown grass, and overflowing trash receptables.
You could even ask some current tenants about their satisfaction with management. Are their needs addressed timely enough? Would they have any hesitation recommending the company to other renters? Tenants who have lived in the area for a number of years will be able to provide you with some of the pros and cons of that particular management company.
5. Ensure the New Condo Management Company Has Proper Licensing
An important tip for hiring a condo management company is to enquire about any applicable licenses or certifications. Depending on whether the company deposits rental money into their account at any given time (even if it is later paid out), they may be required to hold a license to do so.
While you’re asking about licenses, it’s also the ideal time to check with your potential new condo management company about liability insurance. Some companies may even have more extensive insurance coverage. Either way, it’s essential that Alberta condo owners have a thorough understanding of the insurance policies and what is – and isn’t – covered by them.
Do you live at a Catalyst Condo Management property? Do you own a unit and have questions about condo management? Contact us directly. We’re always here to help answer questions!