3 Reasons Why Managing a Condominium Complex Yourself Is a Bad Idea
You may think you can keep your condominium complex running smoothly with a few close-knit friends within the community. However, as rewarding as this may be, it can prove to be a much more daunting undertaking than you initially planned for. Below we highlight several reasons why hiring a Tampa association management company isn’t just extremely beneficial, it’s borderline necessary.
1. Poor Tenant Screening Process
The process of vetting tenants prior to approval can be extremely complex. If your experience isn’t sufficient, questionable tenants may get approval to move into your complex. And you know what that means: late rent, poor treatment of your assets, and the potential for criminal activity that could scare good tenants off. Experienced owners also know that just one bad tenant can lead to legal and financial issues as well. Well-oiled property management companies have a proven screening process that helps them select good tenants that won’t cause any issues. This process also allows them to identify rental scams that are usually directed at property owners.
2. Lack of a Contractor Network
Maintenance is an important part of maintaining a successful condominium complex, and a quick Google search can direct you to local contractors that can perform it for you. However, what you may be lacking is a network within the local community of contractors or reliable vendors that you have worked with in the past. Any good property management company has the ability to save you money by hiring professional contractors that they’ve personally worked with in the past. This guarantees discounted, quality service that you can trust.
Another similar benefit of condominium management companies and their networks is that they can detect maintenance issues as early as possible, which will minimize the damage done to your assets. Maintaining an open line of communication with an experienced contractor will help you identify issues before they get out of hand. Without their help, you could end up paying someone too much money for subpar work. In the long run, this will help maintain the value of these assets. Preventative maintenance is incredibly tedious and time-consuming without a good management company.
3. Opportunity Cost
If you’re trying to manage a condominium complex with just a couple other board members, the opportunity cost is extremely high. Without a management company, you are personally dealing with all the headaches that come with managing a community — collecting late rent, late-night emergencies, evictions, paperwork and more taking up your valuable time. You don’t need to give up your personal life to safeguard your community. At Wise, we take the hassle out of Tampa association management.
Are you ready to work with one of the top Tampa condo management companies that makes life easier for you and your board members and improves the value of your property? If so, submit our proposal request form today!
Our founder, William C. Spivey, is a man who believes in the power of people...LEARN MORE
We are a family-owned and operated company built in the Tampa Bay Area by a working-class Tampa family.LEARN MORE
In today’s day and age, technological advancements are occurring at a rapid rate. These developments...LEARN MORE
At WPM, we understand the sensitivity and importance of a management transition. We will proactively work in...LEARN MORE
SEE WHAT OUR CLIENTS ARE SAYING
Couldn’t have asked for better service. It’s NEVER this easy dealing with property management companies. Great Job! Thanks so much!
Cody Glass from the accounting department was very helpful and professional with a lot of courtesy to help me to understand and set up a new payment process.
I work with Wise on a regular basis, as the nature of our business requires quick turn around times. They are kind and helpful when you need something.
I have always received great service from Wise. Any time I need help someone always answers the phone and directs me to the right department.
My name is George Florence, I am the Board President of Villas of Northdale, and I have been a Board member for 5 years now. We have had perfect help from Wise Property Management.
Wise Property Management is the quintessential image of a professional, organized, comprehensive, deligent and knowledgeable Property Management company.
Kristy D., South Pointe HOA Vice President.
I have been working with Jeanie Hunter of Wise Property for several years now. She has handled all our Tampa Villas South association issues promptly and with great efficiency.
Ken C., Tampa Villas South HOA Vice President.
Very easy to work with and everyone is friendly. We have worked with them for a very long time and love the experience. They take pride in their work and truly enjoy what they do.