What To Look For In A Good Management Company?
The management needs for a high-rise condo building will be different from those for a small townhouse community. The scope and scale of services provided can vary significantly based on the different needs of the communities. So what should you look for when choosing the right management company? Here are 5 factors to consider when looking for the right condo manager service.
1. Experience with Condo Association Management
Many property management companies are in the business for many years. However, you should look for someone who has experience with condo management. There is big difference between managing a condo community and an apartment complex. The owners play an important role in the decisions made by the association, unlike many other types of housing complexes.
Experienced managers will know how to get things done, deal with disagreements, and arbitrate conflicts.
2. Services
Consider the kind of services offered and their competence too. inspections, background checks, and maintenance are the kind of services you expect from most management companies. More competent condo management firms will offer many of these basic services for free. Inspection is often an exception, as many companies charge it separately, while others offer this service for free.
Make sure that they provide at least a monthly report on the investment, if not bi-weekly. They should also be able to present a report as and when asked for.
Do they have the connections for managing all the repairs and maintenance? A property will require both scheduled and emergency repairs. A company with well-established network will be able to manage these aspects effectively while saving you more money.
3. Can they Provide References?
Entrusting your condo community to a management company is a major decision. Make sure to do the required research before doing that. Ask them to provide a list of associations they are managing. Get their client contacts and speak to them about the property manager’s services and reputation. Can they provide some details about the successes they may have achieved due to the partnership?
4. What Do they Charge?
Every condo community has a budget and would want to know that a management company expects to get paid for its services. Typically, such services charge a percentage which varies depending on the number of units. Also consider what services are offered within the fee.
5. Number of Properties Managed
Look for a management company that has lower property to manager ratio. This means that the manager will be able to dedicate more time to managing your condo community.
The size of the management company is not a sign of how dedicated their service can be. At the same time, you don’t want to choose a small company that may be stretched thin with a small team of managers. Larger companies are usually in a better position in terms resources and experience. they are able to deliver much better service to condo associations than their smaller counterparts.
So consider these 5 factors when looking for the best condo management company for your community.