Investing in a rental property is an ideal way to make additional income and build long-term wealth. And while it’s a lucrative business, it comes with added responsibilities such as property management. And regardless of the type of property you own, there are common property management challenges the industry shares. These include overbooking, operations management, pricing management, property damage, or the constant need to improve the guest experience.
Property managers must implement innovative strategies to overcome these hurdles and ensure exceptional service. That said, this article outlines ways to overcome challenges, specifically in condo property management.
- Partner With The Best Property Management Company
Working with a property management firm like ICCpropertymanagement.com can add significant value to your investment property. They’re well-equipped with resources, policies, and procedures to ensure your condo operates efficiently.
The following are some benefits of using a professional rental property manager:
- They understand the local rental market and can ensure effective pricing of your property to attract new clients and retain existing customers.
- They regularly inspect your property, identify problem areas, and provide comprehensive maintenance services.
- They’ll market your property by listing it on relevant sites to gain the highest exposure to potential clients.
- They’ll ensure you comply with all regulatory requirements, including the provisions of the Condominium Act.
If you have a professional handling the daily management of your condo, you can overcome most property management challenges. These include regular and unexpected maintenance, ensuring regulatory compliance, accurate property pricing, and effective marketing.
- Hire An Accountant
Keeping track of property-related accounting information can also get quite complicated. Therefore, hiring an experienced certified public accountant (CPA) to maintain your accounting records and prepare meaningful rental reports is best. Thus, to find a CPA in Philadelphia or your area of operation is one of the crucial steps to take when managing a condo property.
Here are some benefits of hiring a real estate CPA:
- They can represent you during audits.
- They can identify tax strategies to minimize or eliminate your tax obligations. For example, they’ll ensure you claim all deductible expenses to reduce your tax liability.
- They’ll guide you accordingly if tax legislations change.
- They’ll supply you with updated financial reports so you can know your current financial position and plan for the future.
- They can use dynamic accounting tools to enhance accuracy and efficiency in bookkeeping and financial management.
Working with a specialist property accountant is best to ensure efficient accounting processes. Also, you can avoid problems such as tax penalties due to tax reporting mistakes, cash flow issues, and invoicing mistakes.
- Expand Your Online Presence
In this digital age, many consumers search the internet for goods and services. Also, they expect to have information at their fingertips and hear back from businesses promptly. Meeting these expectations is one of the common challenges in condo property management. However, with a solid digital presence, you can showcase your property to a huge number of potential guests and ensure a satisfactory customer experience.
Here are some ways to expand your online presence:
- Have an SEO-friendly website to display your property and enable more direct bookings.
- Interact with existing and prospective clients on various social media channels like Facebook, Twitter, and Instagram.
- Have a self-service portal with online payment capabilities, documents, and an FAQ section.
- Use an automated communication system capturing interactions with each customer to provide a more personalized experience.
You’d want to leverage property management software to automate various aspects of your business and improve efficiency.
- Secure Your Property
Equipping your condo with security and safety systems is vital to limit harm or property damage. These may include fire alarms, outdoor security cameras, and water leak detectors. Also, note that while you can perform regular maintenance to keep your property in good condition, natural events such as floods or strong winds may badly ruin your condo. Therefore, comprehensive property insurance covering all expenses of repairing damaged property is vital.
- Hire A Local Professional Cleaning Service
Most customers evaluate rental properties based on their level of cleanliness. Therefore, finding a cleaning team that meets such standards can be challenging. Generally, a local professional cleaning company should be your top choice as they’re always available to handle the work faster and more efficiently. They can be vital when you have last-minute bookings and require immediate help.
Property managers oversee the daily operations of investment properties to ensure top-notch services and increased returns. However, there are challenges encountered in property management, such as when operating a condo. Listed above are five ways to overcome such problems. Use them to your advantage!