A condo community’s board members and volunteers can handle various aspects of management, but a professional management team is the most efficient solution. A condo association management company can take over administrative roles, accounting services, communications, and overall management. They maintain records, enforce HOA rules, collect fees, issue fines, monitor delinquent payments, and deal with vendors. Here’s what you can expect when working with a professional condo community management company:
1. Specialized Management Services
Working with a condo association management company reduces the workload of board members and volunteers. Before hiring a team, the board must first identify its needs, problems, and issues they want to management team to handle. Once these needs are outlined, the board can hire a management team that aligns with them. Here are some of the specialized services that condominium association management teams can provide to optimize daily operations and uphold community values:
- Maintaining common areas
- Managing and maintaining community records
- Enforcing condo rules, bylaws, and CC&Rs
- Collecting fines, fees, and delinquent payments
- Hiring vendors and negotiating vendor contracts
- Preparing board meeting agendas and materials
- Organizing community events
- Overseeing community projects
- Updating the board on new laws affecting the association
- Preparing budgets and maintaining reserve accounts
- Communicating with residents and owners
- Resolving disputes
2. Different Types of Condo Managers
Condo association managers possess a wide range of skills that help them run properties effectively. Communities can hire different types of managers, including financial, property, portfolio, and general managers. Financial managers specialize in tasks like creating budgets and financial reports, managing accounts payable, and forecasting expenses and revenue. They also clarify the association’s financial position and implement assessment and collection policies. Property managers maintain community values and implement communication strategies. Their duties range from coordinating communication with the board to providing customer service to residents.
Portfolio managers typically manage multiple properties, while general managers handle only one community at a time. Other manager distinctions include off-site, on-site, and in-house managers. Off-site managers work from outside the condominium community, while on-site managers work within the community. In-house managers are directly employed by the association. HOA management companies employ management experts who specialize in several different management services.
3. Expert Guidance & Support
Professional condo community management is designed to offer expert guidance and support for board members. The managers also support homeowners and community volunteers. Board members can hire a qualified management company to provide insight and advice on everything from day-to-day operations to financial planning. The management team is available when needed, including during monthly and annual board meetings. A professional management team also handles issues when they arise and responds to owners’ questions and concerns.
Condo associations need experienced managers who are aware of current laws, technology, software, and management practices. Leading managers are well-versed in all requirements associated with condo management. They can maintain community amenities like meeting rooms, social spaces, swimming pools, rooftop decks, gyms, and ground-level retail outlets. Condo managers are skillful managers who can balance many moving parts to make sure the community runs smoothly. They are also excellent communicators with strong people skills.
4. Proactive & Preventative Management
Condominium association management companies offer proactive and preventative maintenance services. Leading management companies have an advanced understanding of condos, buildings, and management responsibilities. They proactively advise the condo board of directors, community volunteers, and owners on necessary recurring and preventative maintenance. Working with a management team can keep community grounds well-maintained throughout the year.
Condo managers can also offer expertise on large-scale remediation projects. They can handle assessments, insurance claims, and loans. Leading condo management companies can drive implementation efforts and help boards achieve their goals. They can help communities become successful by promoting financial well-being, rule compliance, proactive planning, and facility maintenance. Condo managers can also hire and manage vendors and oversee the completion of community projects.
Professional Condo Association Management
Managing a condo community can be an overwhelming task. A good solution for board members and volunteer teams is to hire an expert team specializing in condo association management. Leading management companies provide HOAs with specialized services to keep their communities running smoothly and efficiently. They offer skilled community managers who know what’s required to achieve community goals and maintain existing assets. Consider hiring a professional management team to start receiving expert guidance and support for your condo community.
