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WHAT'S THE BUZZ IN HOSPITALITY?

Simple Steps to Navigate the Unique Challenges of Condo Management

Jul 09,2018

A couple of the main challenges owners face when it comes to managing their condos are service maintenance and overly-complex accounting processes. There is a long list of needed resources or services when managing condos. Balancing cost with quality of service work can become burden without a good support system. At the same time, effectively tracking expenses and analyzing profitability is often an extremely complicated practice. Today we’ve outlined three steps owners can take to overcome the unique challenges associated with condo management.
  1. Manage Contractors Efficiently
Maintenance of the property will often be a shared responsibility between individual owners and the property management. Owners generally have resources when the property needs landscaping, repairs, building of structures and roofs, maintenance of the pool, clubhouse, tennis courts, gate, etc. While it’s good to have a go-to service provider, it’s equally important to identify alternate service providers who help form a strong network of service contacts. Having multiple contractor options can not only ensure the property is well taken care of, even at a moment’s notice, but it can potentially save money in the long run. Then, owners can more confidently turn their attention to other aspects that are also important for efficient condo management.
  1. Simplify Revenue Allocation and Expenses
Automated allocation of revenue and expenses will go a long way in simplifying operations and can be made possible using an integrated property management system designed to handle the unique aspects of condo management. Operators will be able to optimize accounting functions and ensure consistent reporting across operations. Managers worry less about the details of reporting and avoid elaborate spreadsheets, while having complete confidence that all calculations are accurate.  With simplified revenue allocations and expense splits between individual owners, an association and its owners reduce their accounting complexities.
  1. Complete Reporting Tools
Condo owners and managers want to view and access any information about their property, around the clock. Some issues are time-sensitive, making quick access to information an essential means to handling minor issues before they turn into big problems. A lot of headaches are avoided when they have the ability to link condo management into the rest of their property management. With a system that works across the property, managers will be able to easily access an online dashboard giving them valuable information, such as up-to-date reporting and unit availability.

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