Condominium management services for properties in Windsor Ontario, is a better way to handle your investment. Having a portfolio of investment properties is an opportunity to generate more profits. However, do you have the time and resources to properly manage them?
You may wonder how to properly manage your rental properties, and new income source. If you plan to buy a new Condo property in the future or already have invested in this venture. Figuring out how to manage your condo property, with maximum efficiency is what you must consider next.
There are two main options to consider: These options include hiring condominium management services vs self-management. Choosing our Windsor property management services determines how monthly operations of your property are going to be handled.
Let’s take a look at all the responsibilities managing a condo rental building entails:
- Preventative Safety Maintenance & Repairs
- Marketing your Property
- Showing & Leasing Condo Units
- Complete Tenant Relations
- Financial Reporting (monthly and annual budgets)
- Collecting Rental Fees & Setting Rates
- Provincial and Municipal Compliance Assurance
- Moderating and Mediating any Tenant Issues
- Grow your Portfolio with Market Analysis on new Investment Properties
With a long list of things to maintain, deciding who takes care of these responsibilities is an important decision. Hiring a condominium management services or a property management company in Windsor Ontario, will save you time and effort while ensuring things get taken care of quickly and professionally. You may think that self-management may save you money, but how much is your time really worth?
Let’s look at each property management options in greater detail so you can make an informed decision.
Condominium Management Services:
A condominium management service is a company that handles all the responsibilities of managing a condo’s day to day operations. Maximum Property Solutions is a team of professionals, who specialize in marketing, accounting, maintenance, and overall business management to grow the profits of your rental property. They are reliable and experienced, with a proven track record in rental property management.
- Working with a property management company means you will have access to expertise and management staff. Also, you will have all necessary rental documents, including applications, compliance assurance, lease agreements, a notice of entry, and more.
- You will have unique access to property maintenance vendors and experienced contractors to ensure your property is in tip-top shape.
- A property management company will save you time and energy by providing you with all the resources needed to manage a rental property.
- This option gives you less direct control and makes it challenging to detect mismanagement practices.
- Although rare, there is possible exposure to fraudulent activities by property management companies.
- For good reasons, property management companies don’t come cheap. This is because they offer management services that involves an investment of their resources and time.
As the name implies, self-management means you take care of the day-to-day tasks necessary to keep the property up to date. Of course, you are expected to make things go smoothly, and tenants will look to you as their point of contact for routine issues, everything from addressing repair issues to payments of rent.
- Self-management gives you unique control over daily operations.
- You will establish a solid and close relationship with tenants since you are their only point of contact.
- This option will help you save money.
- You will gain experience in property management by doing it yourself.
- This option is very time-consuming, and the time it takes to do property management responsibilities can be significant.
- It will prevent you from pursuing other business ventures.
- You will miss out on potential renters if you have no time for marketing.
- You will need more expertise, especially if starting as a new landlord.
- Make no mistake it is going to be stressful, especially when you deal with multiple problems, simultaneously.
Contact Maximum Property Solutions Today:
Choosing between condominium management services and self-management can a dilemma for many rental property owners. It is difficult to admit if and when you need help, or if you have taken on too much personal responsibility.
Make no mistake, our property management comes at a certain price point, making self-management seem like a more suitable option… However, if you want peace of mind and extra income from rentals, hiring condominium management services will be your best option in the long run. Especially if you are looking to manage multiple properties at once. Reach out to one of our property advisers today to discuss options.