Owning a condo comes with a unique set of challenges as you strive to maintain the building and keep amenities running smoothly. How frequently you use some services depends on whether you run a short-term or long-term building. If you want to free up your time, make a profit and keep your property in good condition, you must know when and what to outsource.
Even a group of owners only has so much time to work on the many tasks that come with owning a multi-unit building. As a condo property manager in Miami, it’s important to get the most bang for your buck, free up your time to purchase additional properties and grow your portfolio. That’s why you should look at outsourcing these things.
1. Major Repairs
An owner with a single building may be able to keep up with minor repairs, such as patching a wall or fixing a door lock. However, as you take on more units, you may need to hire a building maintenance person for each structure.
You also should hire out anything to do with electrical wiring, heating and air conditioning, roofing and other major repairs. Some local governments require buildings to be up to code. A licensed professional knows the standards and what permits to pull. They can get your units repaired quickly, keeping the building livable.
2. Security
The Foundation for Community Association Research estimates the number of new condominium associations will increase in 2024. Each building needs security to ensure residents feel safe and that their annual dues are worth the cost. Condominium owners must ensure there are cameras, safeguards to prevent nonresidents from entering the structure and on-site teams to respond to any issues.
You may set up a desk in the front lobby with a worker who checks people as they walk through the building. Depending on the size of your property and how many people live there, it could be easier to outsource the work and ensure someone is always on duty.
3. Cleaning
As people move in and out of condos, they won’t always leave them in the condition they should. People occasionally fail to honor their contracts or run into extenuating circumstances. If you lease out units for short-term usage, such as vacation rentals, you’ll need cleaning crews more frequently.
In addition to maintaining the inside of each condo, ensure common areas remain nice. Those who own only a few units in the building can rely on the association and the dues they pay to cover common area maintenance. However, if you own the whole building, farming out cleaning work is an excellent use of your budget and saves time.
Owners who live several states away may not have the time or resources to clean the building repeatedly.
4. Construction Projects
Condo owners should hire construction professionals to complete projects. These crews can save you a fortune in time and mistakes. Project managers know how to pull the right permits and when. They’ll also have an architect and structural engineer on their payroll to ensure any changes keep your building safe from collapse.
The global construction rental equipment market is worth $187.46 billion and continues to grow. While you won't have trouble finding a rental place, an experienced crew either has their own equipment or knows what's safest. It’s best to leave operations to those familiar with the task and save your energy for the things you excel in. The savings aren’t worth doing it yourself if you create a bigger issue down the line.
5. Property Management
In the early days of being a landlord, you may have managed properties on your own. However, as you grow into multi-unit buildings, such as condos, it’s crucial to outsource some of the daily tasks. Many people get into real estate investments to have more time to do the things they want in retirement or work less. A good property management company offers you that freedom.
You should select a brand with an excellent reputation and knowledge of housing compliance, such as understanding the Fair Housing Act and the Americans With Disabilities Act. Ask for referrals from happy clients. Remember, a poor property management company may be more detrimental than none at all.
Outsource the Things You Dislike
Make a list of the things you despise about owning a condominium. Anything you can outsource takes that item off your to-dos and makes life less stressful. Delegating responsibilities frees up your time to do the things you love and build a stellar condo community.
Evelyn Long is a writer that specializes in housing market trends. She is also the founder of Renovated Magazine, where she writes essential resources for renters and homeowners. She has contributed to several other sites like National Association of Realtors and Realty Executives.