Did you know that an attorney named Keith Romney initiated the trend of condos? He borrowed the term “condominium” from the Romans and the first condo was established in Salt Lake City in 1960.
Today, condos are governed by laws and running them requires a complete working knowledge of all the elements involved in condo management. Most people prefer to self-manage their condos, however, this is not an easy or a feasible task. That’s where a condo management company comes in.
Why should you hire a condo management company? Let’s take a look at some of the benefits of hiring a condo management company versus self-managing your condo.
Condo Management Skills
As a member of your condo’s board, you may be tempted to save money by opting to manage your condo yourself. But what you don’t realize is that managing a condo requires a lot of skills like managerial, delegation, consistent support, collecting fees and other dues, not to mention the highly important skill of dealing with people.
By hiring a condo management company, you can go back to being a nice, helpful neighbor and let the property manager take over the collection of dues and fees.
Knowledge of Laws
Are you aware of all the laws that regulate condos in Boston, Massachusetts? If you self-manage a condo, you – as a board member – are responsible for ensuring that your association fulfils all the requirements laid out by MA laws. Not only will this require lots of reading and keeping up to date with changes, it will also mean a pile of files and documents that will require constant maintenance.
Hiring a condo management company saves you from the hassle of becoming a part-time lawyer because these companies are professionally experienced and knowledgeable in all matters related to condo management.
The Element of Time
As a board member, you volunteered to assist your fellow condo residents by taking on the responsibilities involved. However, you have a job of your own, a family to spend time with, a home to run and bills to pay. How will all this be managed with the additional responsibilities of being a condo board member?
Are you ready for the change in attitudes from your usually friendly neighbors? Are you prepared to be haggle and bargain with service providers? How will you manage the people providing services like waste management, cleaning and technical facilities?
A condo management company is experienced and skilled at handling all of the problems associated with managing a condo. They will not only help you save time and effort, but also perform the job in a much better way than condo board members.
Some of the services that a professional condo management company can provide you are:
- Board Communication.
- Property manager
- Annual Meeting
- Filing System
- Enforcement of rules, regulations and bylaws
- Election and resignation of trustees
- Coordinate mailings and letters to unit owners
In addition, they will also manage all financial aspects of your condo. So, instead of taking a risk with self-managing your condo, trust to a professional condo management company to take care of all your needs.
Image courtesy of Drm310 (CC-BY-SA-3.0) , via Wikimedia Commons