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Why Joining A Rental Pool Is A Good Option For Landlords

Author: 
Blueprint Management
Publication date:
January 8, 2021
Article Summary: 

A rental pool is a legal contract that is formed when two or more parties agree to share something. It pools rental income and expenses together into a single financial unit, leaving a third party management company to handle lettings, day to day management and maintenance. The benefits of joining a rental pool include minimizing risk and guaranteeing a monthly income, as well as keeping costs down and making the business of owning rental properties much easier. The management company will handle any issues and day to day concerns. A rental pool enables owners to enjoy their investment without having to worry about niggling issues.

Costs include 10% of collected rent and fixed monthly costs such as condo fees, maintenance, unit repairs, painting or appliance repairs. Members must have their own insurance in place and join as soon as they decide to rent out their unit. Some condominiums require that members join as part of their terms and conditions.

Keywords: 

pooled investment, condominium rental pool, condo rental pool, rental pools for condos, condominium investment pool, condo investments pool

Source Citation: 
Blueprint Management
Why Joining A Rental Pool Is A Good Option For Landlords
January 8, 2021
https://blueprintmanagement.ca/blog/why-joining-a-rental-pool-is-a-good-option-for-landlords/
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Small and self-managed condominiums face unique challenges, yet most management models are tailored to large corporations and scaled down from there.

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by Stratastic

A 10-unit condominium doesn't have 10% of the responsibilities of a 100-unit condominium.

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It still needs governance, compliance, maintenance planning, financial oversight, and community building. Yet many small condominium corporations receive less support because traditional management models are often designed for larger communities first.

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>   Traditional Management: For boards seeking a comprehensive management solution with minimal involvement. Often, this involves working with one of our partnered property management companies for a more familiar approach.

 

>   Hybrid Management: A combination of licensed management services (whether through a management company or self-employed service provider) and/or administrative support. This solution is often ideal for smaller and moderately involved communities seeking flexibility and value.

 

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We've got you covered. Because every condo deserves care.

While you're here and condo curious, why not check out our articles, tailored just for small condos!

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