How is it different to have a condo management company than doing it yourself?
Managing your condo community can be a time-consuming and complex task. Usually, it is the board members who take up all the responsibilities related to the day to day management of the community property. There is a world of a differencein doing it yourself and letting the professionals manage it.
Why Professional Management Services?
A professional condo management service is fully equipped to manage the day to day duties involved in condo community management. Some of these key functions include the following:
• Collection of monthly dues from the residents
• Notifying on late fees and collecting it along with fines
• Provision of financial statements on a monthly basis
• Maintenance of operational and reserve funds
• Ensuring timely maintenance and supervising the repairs
• Preparation of annual budget
• Ensuring that all the association bills are paid on time
• Maintaining records of all transactions and communications
Working as the Third Party
A professional condo management service will work as the third party between the board and the residents. It will enforce all the community policies while working as an unbiased party. This helps in reducing the number of complaints of unfair treatment from the residents. This can also reduce the risks of any potential legal disputes.
Ensuring Effective Communication
A condo management service will not only help establish communication between the board and residents, but also among the board’s members. They will help the board in addressing common resident concerns and come up with solutions. Communication plays an important role in running a condo community in an efficient manner.
Many times disputes arise when there is inadequate communication between the board and the residents. This is often due to lack of proper procedures for dissemination of policies and rules. A professional management company can help bridge this gap. Experienced condo managers understand the importance of timely communication and they will take all the essential steps to ensure that all key information is disseminated effectively.
Experience
Another difference between managing a condo community yourself and getting professional help is that condo management companies come with valuable experience. It often occurs that self-managed communities find themselves in difficult situations battling with issues. This is because they don’t have experience and training in handling such issues.
An experienced condo management service will have both experience and regular training to handle all kinds of situations. They also have the resources to manage different types and levels of issues. They will also have relationships that help the condo association to run its functions in a smoother manner without any disruption.
Thus, there are many ways a professional condo management service can helps make your community more efficient and successful. They will have professional contacts and experience that can be almost impossible to develop on your own. Maintenance, repairs, disputes and many other aspects of condo management will be handled in a professional and timely manner. All this can help reduce your expenses while increasing the revenues and the property’s value.