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How do condo management companies work?

January 29, 2021

A Condo Management Company Will Improve Services, Reduce Cost & Eliminate Stress

Condominium associations often turn to a property management company because boards lack the bandwidth to handle the overwhelming day-to-day details of running a residential community. That’s largely because people move into condos believing the upkeep, bill-paying, and oversight would be off their plate and life will be increasingly stress-free. But being a board member means taking on the workload of running a corporation.

If you are a decision-maker curious about how a professional condo management company could reduce the headaches of overseeing too many aspects of the condominium community, these are things condo management professionals do to minimize your workload.

1: Bridge Gap Between Board Members and Residents

It’s not unusual for association board members to live onsite. That situation allows you to exercise discretion about how the property is maintained, expenses that are incurred and offers peace of mind that the future is a little more certain. But by that same token, you find yourself answerable to your neighbors. When things get a little bumpy, that can create a level of discomfort you didn’t foresee.

By bringing a condo management organization into the equation, detailed reports can be produced and published by an independent company. Residents can have access to information that answers their concerns. Under this scenario, you won’t have to deal with tough questions or residential politics.

2: Consistent Property Maintenance

Fielding calls from unsettled residents that lawns haven’t been cut or weeds are growing in flower beds causes board members to track down workers and independent contractors. It’s as if you have become a customer service rep, not a leader. These are maintenance issues that associations typically prefer a third-party handle.

  • HVAC Repair and Upkeep
  • Plumbing Crisis
  • Capital Improvements
  • Appliance Maintenance and Repair
  • Wall Repairs & Repainting
  • Pressure Washing
  • Proactive Maintenance

A condo management organization can eliminate issues through vigilant oversight. But most importantly, a property management company becomes the point of contact for residents with complaints.

3: Financial Considerations & Bookkeeping

Collecting and tracking fees rank among the least desirable duties. The financial aspects of the operation also require consistent professionals managing resources that understand the specific moving parts.

It’s not unusual for decision-makers to find themselves with a mish-mosh of people from bookkeepers to accountants to office personnel all dealing with some aspect of money. One of the best ways to streamline expenses is to have a single entity in charge of these moving parts. A management firm reduces the cost of redundancies, keeps expenses under budget, and helps minimize tax liability.

A condo management group delivers an economy of scale that allows decision-makers to enter an agreement with professionals to take on these and other responsibilities. Services are performed on time and on budget with the condo management company reporting back to the leadership. Simply put, a property management company reduces stress, improves services, and saves money.