Hi there everyone I was just wondering if it is Better to hire a 3rd party Property management to manage condo? Or let the hoa management handle everything? Is property management even allowed on all condos? Thank you!
If you've only got one or two rentals, I would recommend managing them yourself. There is a bit of learning to be done, but the money you save will probably make it worth your time. If you have no time, don't want to take a chance on your ability to screen/manage tenants, or don't need the extra money that badly, hire the property managers. I've never heard of the condo management acting as property managers. There job is to tell you (or your managers) when something goes wrong, and then you (or your managers) make the problem go away.
Why would you need a PM for a single condo. HOA will not manage your condo it is not their responsibility.
The chance of finding a descent PM to manage a single unit is slim at best and if you did it would most likely be cost prohibitive.
Assuming you select the proper tenant managing yourself is very easy. Do not allow a PM to screen your tenants generally their only requirement would be a pulse. Screening applicants is a job you need to do yourself if you want it done right.
What if it's a quite a far way from my home. I live in Vancouver so there's no way I can invest locally. Where I'm investing it's about an hours drive from my residence. Do you guys still recommend managing the condo myself? Thanks!
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