Condo management companies

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Condo Management Companies

• www.goodmanmanagementteam.com

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Condo Management Companies
Condo management companies are often overlooked
by those who need help managing rental property.
However, renting a condo is a whole new ball game
in comparison to a house rental. In fact, there
is often more work required for a condo and
having the support from a qualified and
knowledgeable property management firm can make
all the difference.
www.goodmanmanagementteam.com
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What exactly is Condo Management?
Condo management in Orange County CA refers to
managing a rental property or in this case a
condominium complex by performing duties on
behalf of all the owners in the complex. This can
include collecting fees, enforcing specific rules
and bylaws given by the homeowners association
and managing the common areas such as parking
lots and lobby.
www.goodmanmanagementteam.com
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House Rental vs. Condominium Rental
A house rental is very different from Condominium
rental service which is why you often find that
Orange County has many independent condo
management companies as they do not have the
capacity, and expertise to take on both
variations. Property management for rentals of
all kinds can provide you with an example of what
service is received for both. So what is the
difference between renting a house and condo?
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Ownership
Many potential renters often find the point of
ownership is the most confusing aspect when
speaking to condo management companies. Whereas
with a house rental you will have one landlord
who owns the property that you pay monthly rental
payments to, the condominium unit, consisting of
a number of different apartments, will be owned
by one person and the entire complex, organized
as a homeowners association. This means that not
only as a renter you will have the landlord to
pay for the unit you are renting, but also the
homeowners association for any extra fees within
the complex.
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Cost
The price of a house and a condo rental are
usually very similar. However, with a condo,
there are many benefits you receive as a part of
your monthly rental payment. Some utilities are
often included in condo that you do not get as a
part of a house rental. However, the downside is
that the initial HOA (Home Owners Association)
fees you have to pay to the company running the
property management for rentals in the complex is
higher. This is due to general maintenance of
elevators and administrative tasks completed by
the homeowners association.
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Amenities
One huge difference, and major benefit, of
renting out a condo is the extra amenities such
as a luxurious lobby, concierge, swimming pool,
green areas etc. With a house, you are generally
renting the area inside and potentially a garden
or pool.
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Differences with insurance for Condo owners
As condos are run by a homeowners association,
the insurance is slightly different to the usual
house rental insurance as the entire complex is
governed by a set of bylaws predetermined by the
homeowners as a collective. It can be written in
your policy, which is always recommended, to have
protection from any assessments levied against
you by the condo association.
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FOR MORE INFORMATION
Gerry Goodman Real Estate Services 17853
Santiago Blvd. Suite 107-193 Villa Park, CA
92861Cell [phone] Fax
[phone]Email gerry_at_gerrygoodman.com
www.goodmanmanagementteam.com