Which Is Harder, Finding the Right Condo or Finding the Condo with the Right Management?
26 Aug 2020
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Purchasing a house or a condominium sometimes mean that the buyer has to spend his/her lifelong savings, and at other times mark the beginning of a large debt that the buyer needs to shoulder for many years.
Selecting a property to buy requires extensive consideration over the property’s location, the size of usable area, the design and the functions of each room, the structural integrity of the entire building and even an in-dept look at the credibility of the project developer.
The buyer might also look into whether the construction company under contract possessed the professionalism to enable up-to-standard work results, as well as the state of affairs in the residential development’s vicinities. One significant point to be considered is the aftersales caretaker – the juristic person – who will become the administrator of the development in the long term.
The juristic person is an entity separate from the project developer. Once the developer transfers the ownership of the property to the buyer, the administrative affairs of the residential community are handed over to the juristic person.
A property project that is under the care of a juristic person will benefit from well-organised, systematic administration of aspects such as employment of personnel such as housekeepers and security guards. There will also be a more transparent and systematic approach to accounting, compared to a project that is administered by the co-owners themselves.
Nonetheless, the performance of juristic persons varies wildly, from the level that oozes professionalism to the level that is conducive to creating headaches for co-owners. And it takes a lengthy period to determine whether a homeowners association management company delivers good service.
Deliberating the issue of the management company is therefore more challenging than selecting a development project wherein to purchase a property, owing to the fact that the quality of the management cannot be determined within the short span of a project visit.
Owners at property projects faced with unprofessional management may still resort to switching out the management for a new service provider once the contract completes. Be that as it may, one might determine the degree of the management’s professionalism by taking note of the following:
1. Maintains the physical attributes at a project, keeping them in good condition and looking new
Physical attributes include the buildings, the space around the buildings and the amenities in the common area. A condo building is a complex structure; oversight is required for the main structure and also for building systems such as the electrical system, the plumbing system, lifts system and the IT system.
Professional oversight is therefore warranted. At the same time, the space surrounding buildings has its significance – this space is the first area that any visitor to the condominium project is exposed to and will impart the first impression of the project.
The common green space, for example, should have its trees kept in good condition and free from disease and withering. If the physical attributes of a project are well-maintained, the prices of properties within the project will outperform those at projects which lack proper care.
2. Possesses a capable security and emergency response system
Safety is crucial to the quality of life and the wellbeing of co-owners. Residents will feel at ease and spend their days in peace at a project with a good security system. Such a system makes use of up-to-date security technology and is able to respond to unexpected developments around the clock.
Security work spans to include responding to emergencies such as natural disasters or disease outbreaks. With the developing COVID-19 situation at present, a juristic person needs to plan its responses and notify the residents of its plan, to allow collaboration in disease prevention to take place efficiently.
3. Apply service-mindedness in work
Working with a service mindset is a major quality that differentiates a successful management from the rest. Good impression is imparted among residents at projects where the management works with outstanding service-mindedness, and personnel of the management regularly receive compliments from the residents.
In addition to servicing, overseeing, assisting and facilitating convenience for the residents in their lives, the arrangement of special activities within a community helps to foster good relations among and involvement from residents; doing so lends toward making the community a liveable one.
Activities might include seasonal celebrations, workshops that cater to the lifestyles of residents such as organic cooking workshops and art workshops, or activities involving exercise.
When selecting a property to buy and deliberating the factors relevant to the potential purchase, keep in mind to also consider the management team that will care for you every day when you are living in your new home.
Being serviced by a professional management team will, without doubt, enable the residents in a community to feel at ease and secure, and will do away with the headache of having to re-select a new management every year.
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Plus Property is a full-service professional real estate agency that provides comprehensive assistance in reselling/letting properties and the purchasing of second-hand condominium units. With more than 20 years of experience, PLUS’s team of quality professionals manages residential and commercial properties and also manages projects’ sales and marketing, heeding to all types of demand. For additional information about our services, call 02 688 7555, or click here.
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