One thing about having a condo is to be able to manage it well for there to be no issues. Here are tips to managing your condo:
Ethics, Transparency, And Accountability
How to manage condominiums is a task that involves dealing with several people, whether they are employees and, mainly, tenants, transparency is essential. One of the main requirements of this quality is good accountability; let’s get it out.
When you take over the management of a condominium e.g., Sathorn Condo (คอนโด สาทร which is the term in Thai) amongst others you are being trusted by all the tenants who live in it. So, it is as if you are taking care of these people’s homes. Therefore, being as transparent as possible is essential to gain the trust of the tenants and maintain healthy management.
Accountability is nothing more than a way for the liquidator and manager to show the tenants what is being done with the money from the condominium.
Liability Of The Liquidator And The Administrator
It has already been said that you can manage condominiums with only one liquidator and the help of an administrator. With that in mind, it is essential to highlight the responsibilities that fall on each of these parts.
We are talking about two of the main pillars of condominium management. Therefore, it is of the utmost importance to make it very clear what is the duty of one is and what the duty of the other. In addition, it is up to the receiver to understand the obligations of the administrator and vice versa so that there is harmony in this joint work, avoiding any conflict or confusion.
Fiscal Attention
It seems obvious, but it is always important to highlight the attention paid to the payment of taxes in the condominium and the fulfillment of tax obligations. Recognize the requirements of the IRS that affect the condominium environment and keep them up to date!
Failure to comply with these obligations can reduce the value of the property or even legal proceedings, considering the condominium as a debtor of the union.
Dealing WithDefault
This is a headache that every liquidator goes through. That’s because sooner or later, any condominium management will suffer from delays by debtors. As much as this is an inevitable problem, it is something that can be reduced.
There are several ways to reduce condominium defaults. The main one is with the use of technologies. That is, automating collection processes. Charging is a routine task and requires constant work. With the help of software for condominium management, the automation of these processes will make your time and effort be directed to more strategic demands that generate more results.
An automated process through a condominium system is a more assertive process. Therefore, charges, when done automatically, will contribute to the reduction of default.