If you manage condominiums then you don’t want to miss this post! Check out these new condo management tips and tricks for today’s can’t-miss advice!
In 2019, more than 25% of North Americans lived in a community association that included condominium communities. Now, the housing market is seeing another increase as the sales of condos go up by 4.1% month over month.
This makes it a great time to be in the condo management industry. However, property owners need to pick up any slack if they plan to compete with other condominiums.
Our guide covers the best condo management tips and tricks for this year. Read on to learn everything you need to know.
1. Document Everything!
The first tip of condo management to follow in 2021 is to document everything, and we do mean everything! This is something you should already be doing, but if you haven’t already, start now until it becomes second nature.
If you want to be more efficient when you manage condominiums, you should document what you do and how long each project takes to complete. You should also be noting every interaction you’ve had with a tenant.
Other general things that need to get documented include how much time you spend answering calls, doing showings, communicating with contractors, and setting up listings.
More specific documentation needs are security issues, tenant problems, etc. With a condo management system, you can track security details if there is ever a problem on your property.
2. Don’t Multitask
As a property manager, you may find that you multi-task throughout the day. However, when you cut down on multitasking, you can actually get more done.
One of the best condo management tips to follow to stop multitasking includes batching your work together. For example, if you have multiple rental listings in one day, schedule them back to back if possible.
When you complete the same task at once, you get into a better workflow. Switching tasks is not efficient for anyone no matter the industry.
3. Create a Physical Schedule
Management software can help you create a physical schedule of the to-do items you have to complete in a day, week, month, and so on. Without a physical schedule, the needs won’t exist anywhere but in your head.
When you don’t place things on a calendar, you tend to forget things you must complete. Stop thinking about everything you need to do and just do it!
4. Make Notes
This trick kind of goes with the step above. Whenever you think about something you need to do that isn’t already on your physical schedule, make a note of it right away.
The day-to-day life of a condo manager is a busy one. A thought pops into your head and the next thing you know you are getting a phone call. Don’t forget about that very important thought, write it down!
If you happen to be out on the property away from the physical calendar or software, make a note of what you need to do on your phone. Before you leave each day, check your reminders so you don’t forget.
If it is something you can put off, add it to the calendar when you get the chance.
5. Pre-Screen Tenants the Easy Way
As a property manager, you know how time-consuming screening a tenant can be. Instead of manually doing this each time someone applies to live at your property, set up a pre-screening survey.
One of the best condo management tips of 2021 is to weed bad tenants out with a survey that you can add to your listings. You’ll only need to focus on qualified tenants from there on out.
6. Screen Tenants Well
After the pre-screening process, you will need to screen tenants that made it through the survey as well. The last thing you will want to deal with is a problematic tenant.
You need to understand tenant screening laws and create a checklist to get through this process as smoothly as possible. Luckily, forming all of the criteria is a one-time thing with few adjustments needed.
Be sure to keep this checklist to use on every tenant you screen. You’ll want to run a background check and learn about their rental history as well.
7. Have Daily Meetings
As a property manager, you should have meetings with your staff each day to ensure your team understands what needs to be done. This doesn’t have to be a formal meeting, just something quick and light.
During these briefings, you can answer any questions or concerns. You can also go over security details from the day before. When clarification is met at the beginning of the day, there will be fewer issues down the line.
8. Outsource Tasks
Some daily tasks are easier to complete when you hire an outsourcing company. For example, you can hire a virtual assistant (VA) to chat online with clients, answer phones, respond to rental requests, and post listings.
One thing you definitely should outsource is your security. This is not something a property manager can usually handle on their own unless they happen to be technical.
There are a lot of integrated solutions that can set you apart from the competition.
9. Turn Your Rental Criteria Into a Photo
Everyone wants to live in a condo these days, but not everyone is willing to do the proper research. Instead of reading your rental criteria, many tenants will just look through photos, prices, and location.
You can easily address this problem by turning your rental criteria into a photo. Possible tenants will be sure not to miss it this way.
10. Amp Up Security
Security should be one of your number one priorities. As technology continues to grow in 2021, it could be time to upgrade your systems. There is always a new piece of security that can make your property a safer place.
Follow These Condo Management Tips for 2021
The housing market is experiencing a boom as more and more people want to live in condo communities. Property owners may be noticing an influx in applications and possible residents.
To keep up, it is essential to follow these condo management tips. If you are considering making your property more secure this year, we are here to help. Contact us today to learn the best software program for your property.