You want to avoid legal pitfalls and wonder whether you need professional support with the maintenance of your property? There is no obligation for individual properties to use a partner to manage their property. This does not apply to homeowners’ associations. In this constellation, the appointment of an administrator is unavoidable. However, they can also come from within their ranks and be part of themselves.
Proper ancillary cost accounting, professional communication with insurance companies, and knowledge of current changes in the law are often overwhelming for private individuals and harbor many risks. To avoid nerve-wracking legal disputes, financial losses, and high fines, we recommend that you involve a professional property management company in any case. Reliable partners are always informed about legal changes and react quickly to turn problems into solutions. They have the necessary expertise and experience to support you comprehensively and save you a lot of work and time.
The most common mistakes when managing a property, yourself
In principle, every property can also be managed on your own, but this often leads to wrong decisions with serious consequences. In the case of a condominium community, an administrator must be appointed, but this can also come from the community. However, always be aware that an incorrect signature or insufficiently concluded contracts can lead to high fines.
The most common mistakes in property management are:
- Insufficient insurance policies
- Inadequate accounts
- Incorrect allocation of funds (deposits, etc.)
To avoid these mistakes and save money and time, we recommend working with an experienced property manager. He is always informed about the current legal situation. He knows from experience which contracts and insurance policies need to be taken out to be on the safe side in an emergency.
Find The Right Property Manager
Are you the owner of a property or part of a condominium, and have you decided to work with a professional property management company such as Keyrenter Houston Property Management Company? Then there are a few things to consider because choosing a suitable administration involves much more than annual meetings and monthly statements. After all, you are looking for professional support in managing your assets and retirement provision.
We have prepared a small checklist with questions that will help you find a suitable property management company.
- Trained employees with appropriate qualifications work here?
- Are there reference objects, and are they in good condition?
- Is the property management in close proximity to the property to react quickly?
Of course, there are many other important factors, but this list is enough to get a first impression of your prospective property manager. The more questions you can answer “yes,” the better the company fits your needs.
The Contract Terms With A Property Management Company
Sometimes you don’t want to commit to a multi-year collaboration with an external partner. Since property managers have a lot of responsibility and directly influence your capital investment, the term of the concluded contracts plays an important role. The contracts run for at least one year and are automatically extended if they are not terminated. However, in the case of homeownership, property management may not be appointed for more than five years. Of course, you can continue to commission the property management after the five years have expired.
Ultimately, you, as the customer, decide whether you want to agree on a one-year contract or longer cooperation.