Condo Management Companies
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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.
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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.
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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 homeowner’s 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 homeowner’s 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 公司名称 association. logo
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 92861 Cell : (714)588-3338 Fax : (714)282-2242 Email : gerry@gerrygoodman.com
www.goodmanmanagementteam.com