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3 Ways Condo Property Management is Different from Multifamily Rentals

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Do you manage any condo units?  If not, you might be wondering how different from multifamily rental management it can really be.  As it turns out, while the two have a lot in common, there are some important differences as well.  Here are three unique responsibilities that condo property managers face.

1. Different financial responsibilities

Both the condo board and the homeowners in the community rely on the property manager to look after the financial health of the property in both the short term and the long term.  The stakes and interests are a bit different, and a manager has to be prepared to manage that and fulfill responsibilities like preparing budgets, keeping track of statements, and advising the board on how to use funds.

2. Project management

Many projects around a condo community end up becoming the responsibility of the property manager.  These can range from small repairs to major construction projects, and may even include significant renovations to a resident’s home.  Condo property managers need to be ready to manage all types of projects and all of the people who might be involved in them, from residents and the condo board to third-party contractors.

3. Communication

A condo manager is often asked to handle many types of communication — whether that means delivering messages from the board to residents, bringing residents’ concerns to the board, or helping to resolve a dispute between two residents.  In this role, it’s important to have a good sense of how to work with people and deliver the right message.

Finally, if you do manage any condo units — or if you don’t yet, but you’re considering it — know that ManageGo is here to help.  Our features are perfect for any type of property, not just rentals!  We’re a complete, all-in-one solution for any condo property manager.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. 

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