Why a Property Management Company is Essential for your Condo
Your condominium's board of directors are not experts in condo management and they should not be expected to be - this is why hiring a property management company is integral. Property managers can help take away some of the stress associated with running the condominium including hiring service contractors to manage daily duties as well as managing the corporation's financial records.
Managing Daily Duties
Maintaining the daily duties of a condominium is a huge task. Every day our office receives over 1200 communications, both by email and phone. By hiring a property management company, you won’t have to worry about spending time attending to these communications and issues. Instead, your property management company can assign a property manager to handle these queries as well as resolve any maintenance issues or repairs.
They can also help take care of other services such as landscaping and coordinating city services such as snow removal and garbage disposal. Overall maintenance of the property is important in order to maintain property value.
A property management company can help ensure all your condominiums' financial matters stay in order. It is important to keep complete records of any payments, receipts, repairs, and other expenses related to your condo. The property management company will collect common expense fees and determine if they should be increased. Also, it is important for these records to be organized, detailed, and easily accessible.
In addition, a property management company will prepare any necessary financial reports and produce the required government filings.
Property management companies will also assign a property manager to hold regular board meetings, oversee the administration of the owners’ meetings, and issue appropriate and timely notices. It is important for these matters to be well organized to avoid any arising problems.
In addition, property management companies will deal with obtaining insurance and maintaining the premiums for the condominium corporation as well as preparing and providing status certificates.