What does a Management Company do for a Condominium Association
Managing a condominium association requires a lot of time and energy, two things most condo association Board members don’t have in abundance. Condo Boards are typically made up of owners with very busy lives, so having a management company that handles the day-to-day operations of their associations for them can be a real lifesaver. Hiring the right management company will help simplify every aspect of association management and will bring peace of mind to both Board members and owners.
Why a Condominium Association should have a Management Company
- Reduces Stress on Volunteer Board Members
Board members may still provide answers to owners’ questions and concerns. However, they no longer have to stress over the details. A qualified management company is available when needed, and most importantly during monthly, quarterly, and annual Board meetings. They will provide the Board with detailed reports, including maintenance and financial reports, along with a complete property analysis. When issues arise, Board members can rely on their management company’s expertise to handle these in the most professional manner.
- Vendor Management
There will inevitably be a major project going on in your condo association. All major systems such as roofs, garages, facades, elevators, HVAC systems, and fire alarms will degrade over time and eventually will need to be repaired or replaced. When this happens, you can expect the management company to be there from beginning to end. From creating and sending requests for proposals or RFPs, to coordinating with vendors and communicating with owners, your management team will make sure the project is completed as presented to the Board.
- Maintaining the Value and Aesthetics of the Association and the Amenities
Living in a condo association that is professionally managed means you can rest assured knowing it will look and feel its best. Details will no longer slip through the cracks. When facilities are not just maintained but improved upon, the value of the community rises. It becomes more desirable to live there, and that positive reputation spreads. Hiring the right management company is not an expense but an investment.
- Offers Resources and Knowledge from Experience
Part of what makes condo living so attractive is the fact that you’re moving into a well-managed and connected community. But this doesn’t happen by accident. Successful condo buildings and complexes are managed by an organized, well-experienced management company. Many condo associations feature impressive services and amenities. Examples could include meeting rooms, swimming pools, social spaces, gyms, rooftop decks, and even access to ground-level retail establishments. Your Board of Directors needs a management team that’s up-to-date on all the latest software, technology, best practices, and legal requirements associated with managing a condo association.
How Much do Management Companies Charge to Manage a Condominium Association?
The ongoing management fee is a contracted fee a condo association pays, usually on a monthly basis. This fee is usually negotiated between the company and the association beforehand. On average, companies may charge a fee of $10.00 to $20.00 per unit, per month in exchange for management services. Though, the amount can vary depending on several variables such as services provided, staffing requirements, amenities offered, and size of the community.
- What are standard management services included?
- Understanding of state-specific condominium statutes
- Maintenance schedules and reserve analyses
- Financial management
- Conducting inspections
- Communication with owners
- HR Recruiting
- IT Services
- Community Websites
The management company selected needs to have an understanding that every community is unique and offer a tailored management approach to ensure individual needs are met. Their mission should be to provide friendly, professional condo association management services to help minimize the pressures and daily operations for the Board and owners.
It is important that your professional condominium management team is dedicated to providing top-quality condominium management services for your condo community.