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Last Updated on May 17, 2023 by Steffi Nell
The success of your community ultimately depends on choosing the best condo management firm. Find a company that best meets your demands by taking the time to review and contrast several options. Transparency, frankness, and honesty in interactions with condo board members and residents are hallmarks of a respectable condo management business. A reputable condo management company will address questions and concerns immediately, give precise information, accept responsibility for errors, and give straightforward answers. Here are some critical inquiries to make when evaluating condo management companies:
What does the structure of your company look like?
Get more information about the management company’s organizational structure. Is it a one-person operation that must contract most of its work? Or is it a multi-layered organization with a staff of qualified experts who have diverse condo management specialties?
Portfolio managers from large condo management companies typically handle several buildings. If you choose to work with a condo management firm with this organizational structure, you will have a portfolio manager who will serve as your primary point of contact. They will also be the main contact point for your tenants, and thanks to their experience and knowledge, they will have oversight over your property.
How long has your company been around?
When it comes to condo management firms, experience separates the good from the bad. A more seasoned business is better at remaining current and adjusting to the industry’s constantly evolving regulations. Additionally, they have developed dependable, long-lasting connections with service providers and other contractors. Furthermore, trustworthy condo management companies frequently negotiate favorable terms with suppliers.
Do you have a property maintenance strategy?
A good maintenance plan is essential to maintaining the value of any property. Reactive maintenance is the last thing you need from a condo management firm. This implies that they’ll probably put off necessary maintenance until the last minute, and these fixes might be more expensive than engaging a professional to carry out regular maintenance. It is preferable to replace a plumbing or HVAC system on a scheduled basis before a flood occurs or the air conditioner breaks down in the hottest weeks of summer.
What qualifies you as a reputable service provider?
Hire a condo management business only if it is a member of reputable regulatory organizations in your state or province. These and other organizations’ members are probably more knowledgeable and better able to uphold industry standards for condo companies. Furthermore, each manager inside the organization needs to be qualified. This lets you relax knowing that knowledgeable and trained professionals manage your property.
What can you do to help us communicate better?
One of the most crucial elements of condo management is communication, which is necessary for any working relationship to be successful. A condo management company with special communication features, like an app or software, can ensure better communication between the management, owners, and board. Good communication lets owners remain on top of messages, papers, and payments, making it a practical and appealing choice. A reliable condo management company will have effective communication methods in place.