You may, at some point of your condo investing venture, decide to become part of your condo building’s board. Now this will be convenient for you especially if you own more than one unit in the building. For one, it will help you easily manage your time and your condo units. If you went ahead and served as one of the board members of the condo building where you own several units, you will have to prepare yourself in facing some challenges.
Here is a list of the common challenges you’ll have to address as part of the board along with some condo investing tips to help you resolve these challenges.
- Issues with the building property’s manager
There are times when the rules set by the building property’s manager don’t align with how you and the rest of the board envision the property operations. This may be because the property manager’s rules are difficult to understand or it may be too stringent for the unit owners and/or renters.
What you need to do to resolve these issues and prevent more problems and conflicts from arising between the board and the property manager is set up a meeting that includes a representative from the building management company. Invite them for an open discussion of the rules and what you could all do to compromise for the betterment of the building and its occupants.
- Communication problems with condo unit owners
In a condo investing venture, you will have to keep regular communication with your buyers and sellers to ensure everyone is up to date with the status of a certain condo unit. It is much the same when serving as part of the condo building’s board. It is your responsibility to keep all the unit owners and occupants involved about the changes and updates in the building’s guidelines, budget, and rules.
When there is no proper and frequent communication between the board and the unit owners or occupants, it will cause misunderstandings on both sides, which could sometimes lead to costly problems. This is most especially true if you are communicating regarding updated payments and pending dues from the unit owner.
- Reserve funding and maintenance needs
Every condo building should have a reserve funding, which comes from the payments made by the owners of the individual units. It is important that you and the rest of the board monitor the building’s reserve funding along with the status of pending maintenance needs.
The reserve funding is saved for emergency and unexpected repairs and renovations on the buildings, particularly those that cannot be put on hold like roof repairs or plumbing problems. The board should closely monitor this and inform each unit owner on the total reserve funding and the needed repairs. All condo unit owners should be kept informed about the reserve funding, how it is calculated, and what it is spent for.
Call Jerry Pinkas Real Estate Experts now for more condo investing tips.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your partners in successful condo investing.