If you originally bought a condo as your first property, you may have stayed in it until you saved up enough money to buy a single-family home. This opens up an opportunity to turn the condo into a rental, but you may be worried about the stress that comes with being a landlord.
When you want to start generating income by renting out the condo, you will find that hiring a property management company is a great way to keep stress to a bare minimum.
In a condo, you need to abide by the HOA rules and regulations whether you are the one living in the unit or your tenants are the ones living there. This can make things a little tricky because you need to make sure that tenants are informed and aware of all HOA rules. For instance, they may not be allowed to use a barbecue grill, store trash bags, or set up recycle bins in the patio. A property manager will do everything they can to make sure tenants know how to avoid any HOA complications.
A huge part of living in a condo is knowing that you have neighbors on most sides. This means that a tenant cannot be as loud as they want to be without potentially disturbing neighbors. Also, a tenant must be careful with how much noise they make past noise curfew hours. These are concerns that you may have as a landlord, but not after hiring a property management company.
While you can tell a tenant about the amenities of a condo community and let them figure out the details on their own, you may want to inform them as much as possible. But you may not feel confident about going around the entire community and showing off the amenities. This is something that you can hand over to a property manager to for a better tenant relationship.
When a tenant knows how to access and use all the amenities in the community, they may be more likely to use them and stay for a long time, which helps you generate more income. This is also an important step if the condo comes with a dedicated parking spot beyond a gated entry.
Managing a condo rental is a responsibility that you may find stressful, but you can enjoy the monthly income from rent without the stress by hiring a property management company like EMS Realty.