Condo community management can make the day-to-day oversight of a condominium complex easier for the owner. Condo management companies take on daily management tasks, which allows the owner or board to be more hands-off. Before you select a management company to take over a property, you may want to know how these communities are managed.
Supports the Board
The overall purpose of the manager for a condo association is to support the board in daily operations. This may include full management services with an on-site manager.
Other associations choose a manager to handle the financial aspect or to take care of maintenance. In other instances, they may provide management on-demand services, coming in for specific projects or only as needed. The exact duties of the manager depend on how involved the board wants to be, but they can include anything from finance and maintenance to site reviews and community meetings.
Manages Financial Aspects
The board may hire a management company to handle the financial aspect of running a condo association. These duties can range from paying bills and collecting payments from the residents to developing annual budgets for the association.
The management team may conduct audits and create financial reports for the board meetings. This outside oversight helps protect the association from even the appearance of wrongdoing. The manager may be responsible for keeping projects within budget and handling the costs of a major remediation project.
Oversees Maintenance Repairs
Maintenance is an ongoing focal point for owners of condominiums. Management companies may have their own maintenance team or hire outside contractors to take care of issues as they arise.
The manager is responsible for providing access to the location of the issue to the repair person and for informing residents of any repairs being made. They follow up after the repair to see that the work has been performed as expected.
A condo community must stay updated for residents to stay and new tenants to move in. The condo manager manages special projects, such as hiring a new security team, adding a gym or pool to the common area, updating the landscaping, or painting the exterior of the buildings.
The exact role of the manager in these special projects is determined by the board. They may get a budget and an approved plan, which they oversee on their own. In other cases, they may be required to provide regular updates and get approval to move forward.
A management company may take an even more active role in the condo association by scheduling meetings with the board or homeowners. The manager may plan a meeting to inform tenants of changes coming or special projects being initiated.
A condo manager may organize closed meetings with residents for conflict resolution. The goal is to prevent the conflict from escalating to legal action.
Conducts Site Reviews
Condo community management involves regular site reviews of the community. This includes the overall buildings, landscaping, and common areas. They look for any issues that need to be dealt with before they become big problems, such as peeling paint or leaks in the roof.
These site reviews look at cosmetic issues as well as structural problems. When they identify areas of concern, they can create a solution to present to the board. The idea is to address the issues and keep the community looking its best for prospective tenants and for board visits.
Supports the Community
While the focus of the management company is on meeting the needs of the owner, they also provide support for the community. The manager is often the face of the owner and the board with the residents. They come to the condo manager with questions, concerns, and complaints.
The manager is the liaison between the board and the residents; their job is to communicate with both sides. They listen to the residents about any issues they have. The manager brings those issues to the board or seeks a resolution within the regulations of the community.
Choose the Right Company for Condo Community Management
When choosing a management company for your condo community, you want a team that understands the unique complexities of condominiums. They should be experienced in condo management and the regulations that come with these communities. Contact a local community management service provider for more information about their processes.