When To Partner With a Condo Association Management Company

A condo association helps maintain a community’s shared spaces, enforces rules, and manages the community’s finances. Professional management companies assist associations with completing these tasks. They provide personalized solutions, supervision, and advice on legal matters to support the community’s goals. Here are seven reasons to partner with a condo association management company:

1. Guide Financial Decisions

If a condo association has limited funds or is particularly cost-conscious, the governing board should hire a condo association management company to assist them with their finances. These companies are experienced in managing budgets, planning reserve funds, and making sure invoices are paid on time. They help account for recurring expenses and upcoming project costs when setting funds aside. Management companies also review past expenses to create comprehensive, realistic budgets for the association.

A well-managed budget and an adequate reserve fund help reduce the need for special assessments, which are unexpected additional fees charged to condo owners. The association uses these assessments to cover expenses like unforeseen maintenance projects or major repairs in the community. If the board decides to implement a special assessment, the community management company can help communicate the reasoning to residents and collect the funds.

2. Preserve Amenities and Grounds

Some condo communities have common areas and amenities that must be maintained throughout the year. These spaces include gyms, pools, parks, and clubhouses. The association’s board is responsible for coordinating the upkeep of these shared areas. Board members can hire a management company to oversee community maintenance tasks. The condo management team will work with vendors to schedule preventative and routine services like pool cleanings and lawn care.

3. Enforce Community Rules

Condo associations have governing documents outlining the community’s rules, such as where residents can park and when quiet hours begin. The board is responsible for enforcing these regulations and addressing any violations that occur. Rule enforcement could mean sending out bylaw clarification letters or issuing warnings to residents.

If community board members need assistance with resident compliance, they can hire a condo association management company. The management team will monitor the property to make sure residents are following the guidelines. If a problem arises, such as an unapproved property modification, the management company will meet with the resident to address it. They may document the incident, issue a warning, and guide the resident through fixing the problem.

4. Guide Legal Decisions

Condo communities are bound by the association’s bylaws and must follow specific state and federal laws. Partnering with a comprehensive management company provides condo boards with access to legal knowledge and professional recommendations. Management companies help associations navigate changing laws, file paperwork correctly, and prevent legal issues.

5. Understand Insurance Needs

A condo association can benefit from purchasing insurance policies that cover shared areas and structures. They may also need general liability insurance to protect the association if someone is injured in a common area and files a lawsuit. Community management companies help condo boards understand their insurance needs and choose a suitable coverage amount. They may also manage claims related to community losses to reduce board members’ administrative duties. Management teams will file insurance claims if a common area is damaged by severe weather or vandalism.

6. Complete Administrative Tasks

An association’s daily operations involve many administrative tasks, from maintaining financial records to coordinating community meetings. If condo board members prefer to focus their efforts on planning community projects and activities, they can hire a professional management company to oversee administrative tasks. The management company will prepare annual reports, create meeting agendas, and record meeting minutes for future review.

7. Communicate With Residents

Condo management companies improve associations’ correspondence with residents. They offer residents access to online portals and applications that make communication more effective. The management company will prepare announcements or other notices and send them to residents using text, email, or in-app messaging. This service makes it easier for board members to share community news and keep residents informed of upcoming events or projects.

Find Comprehensive Condo Association Management Services

Comprehensive management services help condo associations organize their finances, communicate with residents, and avoid potential liabilities. Some companies offer on-demand and customizable management services, providing condo communities with a more flexible way to receive professional guidance. Contact an experienced community management company today to learn more about their services.