If you own or are considering investing in an apartment complex with condominiums them management and administration are important things to keep in mind. Unlike rental apartments where you primarily rent out units and handle repairs, Kirkland condominium management is much more complex. Condos belong to the buyer, which means an entirely new set of rules and requirements. If you want to know more about the condo management services offered by Kirkland Property Management, keep reading.
Bookkeeping is important for Kirkland condo management, not only because you have to keep track to ensure that homeowners make payments, but also for tax purposes. Taxes are different for condos because you are paying based on a sale rather than a rental. Party of bookkeeping includes account management, bank monitoring, payment monitoring, issuing payment reminders and delinquency notices, handling late fees, daily tracking of accounts, preparation of annual financial reports and assisting with annual audits by providing records. Good bookkeeping is an essential part of selling condos because it allows you to handle your taxes and your legal requirements easily. It also ensures that you can keep up with everyone buying a condo to ensure that they all pay on time.
If you’re managing condos, then you need budgeting. Because budgeting includes your operating budget including maintenance, employee and advertisement fees, variance budget for emergencies and repairs, and monthly reports on how much you are spending, it is important to have for your records. Budgeting tells you how much you make, how much you have to make in order to turn a profit, and how much you can spend on improving your condos.
Administration is a key factor in condo management because it means that you don’t have to handle day to day details like setting a maintenance calendar, hiring people for maintenance and repair, managing billing, keeping up with homeowners and renters, maintaining file information, or maintaining a community website or online tenant portal for the residents. Because administration is the primary reason to hire a property manager, this is the most important function. This also includes responding to emergencies, complaints, and handling building or lobby maintenance to ensure that your property stays in good condition. This includes regular inspections of property owned by you, collecting bids and choosing the best from local maintenance companies, and preparing preventive maintenance schedules as required to keep your property in good condition.
If you just want to know more about Kirkland Property Management and what we do for your condos, just ask for a consultation, we’re happy to help with information on our management services, processes, and business ethic. If you want a free consultation call us at 425-285-1324 for more information, or to set up an appointment. You can also check our website for a free quote, or to check for more services including rental apartment management if you have both types of investments.