Community Association Management

 

What is Community Association Management?

What is community association management? In short, community association management is the overseeing of rental properties. Usually, this includes a team of property managers, along with real estate agents. This combination of professionals allows investors to take their hands off their assets and gain several benefits. For anyone who even tangentially familiar with property investment and management knows it’s a huge responsibility. (More so than practically anyone would want.) Read on to learn more community association management.

A community association management firm or team is one that performs several functions. These include a number of critical hands-on tasks, like the following responsibilities:

  1. Market analysis. This is the estimation of rental rates in order to determine market averages and norms.

  2. Marketing. This is the promotion of properties for rent and/or for sale.

  3. Tenant qualification. The screening of tenants to help ensure they have a good history and will pay promptly.

  4.  Property maintenance. The management of property maintenance protocols, including repairs, upgrades, and more.

  5.  Accounting. The quantifying of rental collections, operating expenses, and more.

  6.  Property inspections. The inspection of properties generally performed every quarter.

Plus, there are other roles and responsibilities community association management firms perform. That includes collecting rents, following up with late rental payments, renewing leases, evictions, and overseeing move-ins and move-outs, as well.

How Do Property Investors Benefit from a Property Management Team?

Investing in real estate creates a “passive income.” That’s the line everyone has heard. Unfortunately, it’s not nearly as “passive” as one would be led to believe. In fact, it’s quite active and very hands-on. Property investors that attempt to go the DIY route quickly learn just how difficult it is to do the job. (Which is often a full-time job, rather than a part-time, weekend type gig.)

The truth be told, a property management team will more than pay for itself. Not only in a monetary sense, but in time, effort, worry, frustration, and the huge, unpleasant learning curve. Summed up, a good, experienced property management group will do all the hard work and make the investments perform to their maximum earnings potential.

That’s why it’s so critical to work with such a firm, like Team Paradise Property Management in Vero Beach. They are a group of professionals who are intimately familiar with overseeing investment real estate, in many forms. They make the experience more profitable and stress-free.