Blog Post

5 Reasons Managing Condos is Different Than Managing Single Family Homes

Dustin Edwards • Apr 10, 2024

Property managers must be skilled and equipped with the knowledge and resources to manage different rental properties. Condominiums, for example, offer a number of benefits, especially for investors looking to expand their portfolio without breaking the bank. Although similar, there are many differences between managing condos and single-family homes.


In today’s article, we’ll discuss some of the differences between managing
condos and single-family homes.


Maintenance

As the landlord of a single-family home, you’re responsible for fixing most of the repairs required to maintain the house in a habitable state. This can be expensive, especially in older homes with outdated core systems like electrical, plumbing, and HVAC. Depending on the amenities provided to the tenant, you may also be responsible for fixing or replacing appliances. Other maintenance you’d be responsible for include pest control, windows, doors, and paint, just to name a few.


Condominiums, on the other hand, have an association that takes care of the majority of maintenance. This association requires owners to pay monthly dues, similar to an HOA. Management will take care of exterior landscaping, paint, and other cosmetic maintenance items. As well as repairs like leaks, electrical problems, and other significant issues. This fee can fluctuate depending on inflation and the general cost of living increase. Many owners don't mind the investment if it means peace of mind. 


Vacancy Rates

Although the demand for housing in Long Beach is high, there is a larger demand for condos and apartments than single-family homes. Each person may have their own reason, though some of these can include amenities such as gyms, pools, and safety features. While some prospective tenants may want to rent a house for privacy or more space, this isn’t the case for everyone.


This does mean, however, that you’ll have less time to prepare a
vacancy for the next tenant when compared to a single-family home. However, this is generally a good problem to have.


Flexibility

As previously stated, most condos have a homeowners association tied to them. This means you’re limited in how you modify or renovate the living space. This includes both the condo's interior and exterior, making it challenging to stand out. You may also be restricted in allowing pets in the rental, the amount of noise coming from the condo, or the use of the common areas for your tenant.


While single-family homes are more expensive, you can change nearly everything about the house however you see fit, assuming the house isn’t located within an HOA. Additionally, depending on the size of your rental property, you can construct an ADU from the ground up or convert an existing garage to maximize your rental income without investing in a new property.


Security

Condos, like apartments, foster a sense of community and safety because of their shared spaces. Many condos also offer security features such as surveillance cameras, security entrances, and occasionally an on-site security guard.


Compared to single-family homes, in order to have a similar sense of security, the owner may need to invest in security systems such as cameras, motion-sensor security lights, and a security system like ADT or SimpliSafe.


Both condos and single-family homes offer several benefits and risks. However, if you feel like condos are your preferred investment or need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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