Common Myths About Condo Property Managers' Roles



For real estate investors, property management is an essential component to maintaining their business, portfolio and rental properties. Surprisingly, however, many investors don’t understand the job of a property manager or what services they can and should provide. However, it’s important for the property owner and their tenants to understand the role of the property manager. But, understanding the job of a property manager begins with understanding the myths about their job. Below are four of these myths.

Hiring a Property Manager is Expensive:-
Price is always a consideration, especially when you’re hiring a property manager. However, value of service is much more important than overall costs. The best condo property management companies Edmonton has to offer will negotiate their fees and services to ensure you receive the best value. Make sure the management firm you choose provides a property management team, marketing, maintenance, repair service, tenant screening, tenant management, payment management (e.g. rent collection)., access to vendors, marketing and handling of financial and legal matters (i.e. evictions). 

The Condo’s Board Members Can’t Hire a Property Manager:-
Condo boards are made up of volunteers, but this doesn’t mean they don’t have the expertise to hire and supervise a property management team. Remember that a condo board should be made up of members with real estate, rental property or management experience. Experienced members can help ensure your properties receive the best management and offer solutions to problems with tenants and more. Having an experienced property manager on your board will make it and your property management even stronger. 

Managers Aren’t Involved in the Condo Communities They Manage:-
Many people believe that condominium management is impersonal, but management firms like Group Three Property Management Inc. provide personal, specialized service to your tenants and your properties. For example, although they offer a management team, a single manager is assigned as a point of contact for you and your tenants. However, a team ensures that each property will receive personal service. 

The Property Manager Controls the Apartment or Condo Community:-
Property managers aren’t supreme overlords. They’re meant to support property owners and their rental communities. What many don’t realize is that property managers don’t manage the community. Essentially, condo communities are run by condo boards. The boards create and enforce the rules of the community. However, the manager can provide input to help increase the effectiveness of these rules and the board. 

Equipped with the information you need about a property manager's role, you should be ready to make the best choice for your real estate investment.

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