What does a Management Company do for a Condominium Association

Managing a condominium association requires a lot of time and energy, two things most condo association Board members don’t have in abundance. Busy condo boards rely on management companies to handle daily operations, ensuring smooth association management and peace of mind. Hiring the right management company will help simplify every aspect of association management and will bring peace of mind to both Board members and owners.

Why a Condominium Association should have a Management Company

Reduces Stress on Volunteer Board Members

Board members may still provide answers to owners’ questions and concerns. However, they no longer have to stress over the details. A qualified management company is available when needed and, most importantly, during monthly, quarterly, and annual Board meetings. They will provide the Board with detailed reports, including maintenance and financial reports, and a complete property analysis. When issues arise, board members can rely on their management company’s expertise to handle them in the most professional manner.

Vendor Management

There will inevitably be a major project going on in your condo association. Major systems like roofs, garages, facades, elevators, HVAC, and fire alarms naturally degrade and require timely repairs or replacement. When this happens, you can expect the management company to be there from beginning to end. From creating and sending requests for proposals or RFPs, to coordinating with vendors and communicating with owners, your management team will make sure the project is completed as presented to the Board.

Maintaining the Value and Aesthetics of the Association and the Amenities

Living in a condo association that is professionally managed means you can rest assured knowing it will look and feel its best. Details will no longer slip through the cracks. When facilities are not just maintained but improved upon, the value of the community rises. It becomes more desirable to live there, and that positive reputation spreads. Hiring the right management company is not an expense but an investment.

Offers Resources and Knowledge from Experience

Part of what makes condo living so attractive is the fact that you’re moving into a well-managed and connected community. But this doesn’t happen by accident. An organized, experienced management company ensures the success of your condo buildings and complexes. Many condo associations feature impressive services and amenities. Examples could include meeting rooms, swimming pools, social spaces, gyms, rooftop decks, and even access to ground-level retail establishments. Your Board of Directors needs an up-to-date management team with access to all the latest software, technology, best practices, and legal requirements associated with managing a condo association.

How Much do Management Companies Charge to Manage a Condominium Association?

The ongoing management fee is a contracted fee a condo association pays, usually on a monthly basis. This fee is usually negotiated beforehand between the company and the association. On average, companies may charge a fee of $10.00 to $20.00 per unit per month in exchange for management services. However, the amount can vary depending on several variables, such as services provided, staffing requirements, amenities offered, and community size.

• What are standard management services included
• Understanding of state-specific condominium statutes
• Maintenance schedules and reserve analyses
• Financial management
• Conducting inspections
• Communication with owners
• HR Recruiting
• IT Services
• Community Websites

The selected management company for your HOA must understand that every community is unique and offers a tailored management approach to meet individual needs. Their mission should be to provide friendly, professional condo association management services to help minimize the pressures and daily operations for the Board and owners.

Our professional condominium management team delivers top-quality services tailored to your condo community’s unique needs.