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Things to consider while choosing condo Management Company
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Your HOA may want to hire a management company for the first time or you may be planning to move to a new condo management company. Whatever your goals, you should choose your new condo management service carefully. Look for a company that is experienced, serves your residents well, and gets the most out of your investment.Consider the following factors for choosing the best condo management company.1. Range of ServicesManaging a community is a time-consuming and complex work that involves a wide range of tasks. So you would want to hire a condo management company that provides complete range of services. The right company will understand your needs based on the type of community you have and will provide complete range of services to address those needs. Some of the most common services provided by a typical company include the following:* Managing monthly collection of all dues* Collecting all unpaid dues* Creating annual budgets* Providing monthly reports to the HOA board* Addressing all maintenance issues* Managing all contractors for repairs and maintenance* Managing the finances for the HOA* Helping the HOA in developing capital replacement plans to address long-term needs2. Consider Their HistoryThe longer a condo management company has been in business, the more reliable they are likely to be. Do a little research to find out about their history and get answers for the following questions:* How many years have they been in this business?* What types of properties have they been managing?* What do their clients have to say about them?* Are they successful with the communities they are already managing?* How many people do they employ?3. Maintenance ServicesAsk the company what kind of maintenance services they will be providing for your community. Make sure they cover all aspects of maintaining the properties. Look for a service that can handle all maintenance tasks in a smooth manner without causing hindrance for the residents. You should ask them the following questions with regard to the kind of maintenance services they will be providing.* What will they be maintaining for your community? A typical condo management company will cover landscaping. Make sure you are also getting cleaning services.* Ask them the contact person who should be communicated all the need for maintenance.* Ask them what will be the responsibilities of the HOA.* How long will they take to respond to the requests?* Also ask whether homeowners can directly reach them with their maintenance requirements.4. Round the Clock ResponseYour community can be affected by a wide range of emergencies ranging from outages to floods. Make sure that you choose a condo management service that provides round-the-clock rapid response. There are emergencies that can occur at any time of the day. The company should be able to provide immediate response even when something happens in the middle of the night.Ask the service if they provide round-the-clock access to crucial information. It is likely that your board has members who work on their job during the day and attend to the board matters after hours. Therefore it is important that the condo management company provide real-time information to the board members. For example, your board members should be able to access accounting information any time they want. This will enable your board to always remain on top of what is happening in the community and deliver high level of service.5. Reference ChecksMake sure that you ask the condo management company to provide contact details of a few of their current clients. Contact their clients and get their feedback about the company’s services. You want to get feedback from community’s which are already using their services instead of learning about a company the hard way. There can be issues with accounting or communication. A company may not be good with project deadlines. You can be sure about a company’s service quality only if you reach out to those who are already using their services. And a reputable condo management company will not have any issues in sharing a list of references with their potential clients.So consider all these 5 factors when choosing the right condo management company for your association.
Author has years of experience in the
property management
sector in Calgary and the surrounding areas. He has successfully steered multiple property management businesses and knows this market inside out. Currently, he holds senior management position in several associations. When he is not working he likes to share his knowledge through writing.
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