A Guide to Condominium Management
Well in general, management fees are in the top highest expenses in yearly budget of condominium corporation. Following are the questions need to be settled to ensure that the entire complex has a smooth operation and is going in the right direction.
Number 1. Who is setting the management fees – and just like every other industry today, condominium management is extremely competitive. Management companies are setting fees which is done often on “per door” or “per room” basis. However, it is essential to have thorough understanding of what’s included in price quoted and above everything less, what’s not included. In relation to the fees included, this is basically where the clients ought to be extra vigilant and at the same time, meticulous and handful of these are the company’s experience, low monthly fee upfront but with remarkably high charges once the contract is signed.
Number 2. Where will we notice the advantages of management fees – you will see the benefits of working with an ethical and responsible professional in property values. Prior to buying the unit, a legislated, thorough and accurate record-keeping, attention to regular maintenance and replacement issues at the same time is something that is sought after by meticulous customers today who work with experts to assess the management’s affairs thoroughly prior to deciding to buy the unit.
Number 3. When to be concerned of the fees – obviously, the lower fees have to set as a red flag and higher fees need to be justified. A simple rule to help you out here is by giving the lowest and the highest in all factors meeting equal, which is at the same time a very simple method. When doing so, make sure that you closely look in comparing critical practices, terms and conditions as well as the management’s qualifications such as promptness, communication, consistency of work and experience in industry.
Number 4. Why should do research for varieties of fees – in most cases, you will be offered with flexible contracts so long as you are talking to established and known companies. In the event that you got a 12-unit property, then you might find it necessary for you to get help on consulting basis or a partial management service. At end of the scale, 400-unit high rise with special assessments, multiple insurance claims and older bylaws might opt for comprehensive full service and all inclusive contract. Meticulously check the proposed services for the quoted price and consider your specific needs and not pay for what you do not need. Also on the quotation, be sure that it has everything that you’re looking for.
Always take into account that condominium management isn’t easy and managers have to meet specific tasks.