What’s the difference between a good, mediocre, and downright bad condominium management company?
Is a less expensive per door costs always better? Sure you can save a few pennies and appear like you are saving money, but when you look closely, you may be in serious trouble.
Ignorance isn’t bliss for your community — or your neighbors — when it comes to Condominium Property Management Service Companies. You need to find some answers to some key questions before signing that contract. Don’t be impressed by empty promises and pretty PowerPoint presentations.
Here is a list to use that answers those tough questions. Print it out and use it as a guide the next time you need condo property management services. Be sure to get the answers you really want:
- How many people REALLY work there?
- Do the managers hold and certificates? Do they have real estate licensing?
- Is the Company Controller also a property manager?
- Have you randomly visited their office? Visiting just a website is not enough!
- Is the less expensive company adequately insured against liability claims or a law suit?
- Is the less expensive company collaborating with the developer just to make more money?
- Does the company have a reputation to get you bank financing when you need it?
- Can the company lend your Association money if you can’t get any financing or will have to say goodbye to your dream home?
- Do they procure reliable and vetted contractors to perform service requests?
- Are they big enough to secure VOLUME discounts on service for your Association for things like landscaping and snow removal?
- Are contractors knocking at their door looking for the opportunity to work for them? Or are they hanging around to get paid?
- Is there a Dedicated Fully Staffed Accounting Office?
- What accounting software package do they use and ask for a copy of a generated report. Quick books is not a software package for Associations.
- Can they provide you with a complete asset life span report?
- What about Reserve Studies? Will that cost you extra and if so, how much?
- Does the Management company exercise secure dues collection methods?
- Is your personal financial information safe from hackers?
- Do they have an attorney on retainer to handle any legal affairs?
- Are you getting nickel and dimed with “hidden charges”? Better ask what it costs to mail a letter.
Hiring a Cheap Condo Property Management Service Company simply cannot protect property values. Without the software, staff and certified contractors to protect your HOA services efficiently you will pay much more in the long run and end with a devalued properties. Simply put; the less expensive condo property management companies are not collecting enough money to effectively manage your assets. If you needed a brain surgeon, you wouldn’t pick the least expensive option so, do the research when you really need the best condo property management service company.
Be careful choosing. Your condo owners could face paying a big special assessment for years of neglected capital improvements and underfunded reserve accounts. The first step in proactively preserving your HOA values is employing sound management professionals who know how an HOA should operate. You will recover the management costs with increased property values. Call Acri Realty today for a quote to get the best in condo property management services.