How Can A Condo Management Company Help?
Managing a condo association board can be a time-consuming task in itself. If you have a medium sized community, condo management can be a full-time job for board members. There are so many ways a condo management company can ease your job and take over most of the responsibilities.
Here are the top 4 ways a condo management service can help you with managing your association board in a more cost-effective way.
1. Helping Reduce Costs
A condo management service can help in reducing the costs involved in a wide range of contract services. This can include cost reductions in different types of services because they already have well-established connections and can avail discounted rates. Some of the services can include:
• Waste removal
• Snow removal
• Janitorial services
The savings can be in thousands of dollars every year. If you manage all these services on your own, you cannot expect to avail such mass discounts.
Professional condo management services can also help you save on your insurance premiums. They can not only help determine the essential insurance policies required for the association, they can also shop around to get better rates. This can ensure that you are getting the best-possible coverage at more affordable rates.
2. Timely Collection of Assessments
Professional condo managers can not only collect your unpaid assessments in a more effective way, they can also help ensure that all collections are made in a timely and consistent manner. Many associations fail to pursue unpaid condo fees due to a wide range of reasons. Many board members find it difficult to collect unpaid dues from their neighbors. Condo management services have vast experience in effectively collecting assessments in a tactful way.
3. Prevent Costly Repairs
Timely maintenance can help in preventing costly repairs in the future. Having a condo management company manage your community will mean that they will ensure periodic inspections and repairs are carried out. Experienced managers will know what precautionary measures need to be taken rather than taking any reactionary measures. They know it is much cheaper to prevent emergency situations than responding to them.
4. Get Access to Expertise
When you hire the services of an experienced condo management company, you are also getting access to their expertise. It is not essential that board members have all the required knowledge for running the day to day operations and functions of the board. Having an experienced and knowledgeable expert manage your property will mean more time and money saved and prevention of issues.
A condo management company can also help in preventing expensive lawsuits. Although these companies don’t provide legal advice, they have vast knowledge to help you avoid any potential litigation. If there are any issues or disputes with the unit owners, they can help address them in a way to prevent such issues from turning into lawsuits. When someone works for your board as a third-party, they are able to deliver their duties in an unbiased manner. This can have a positive effect on the overall management of your board’s affairs.