Managing a condominium is not an easy task, as it involves many responsibilities and specific experience. A more straightforward approach is to hire a property management company to help with particular responsibilities.
When you choose to hire a property management company, look for one that takes control of all of the tasks involved in managing a condo.
Several challenges are associated with the position of a board member, which is why appointing a board position as a representative from a property management company can be very beneficial. It is necessary to rely on a company that can meet all of your needs. Keep in mind that hiring a professional property management company is much better than hiring a single property manager.
There are many aspects to being a responsible board member, and working well with your property management company is a crucial part of doing a good job. Braden Equities Inc. works with condo boards on a day-to-day basis and can provide some useful insights into what challenges they face, and how to deal with them.
When you are choosing a professional property management company, there are five areas you should review to fully grasp whether the company is the right fit for your condo board.
Related blog: How To Choose a Property Management Company
Know Your Needs
Always start with precisely knowing what you need.
Many condominiums have different challenges and are in different life cycles; therefore, you will need to know at what life cycle your building is, as well as what challenges you face. Take, a new construction condo as an example. New construction condominiums can cause much confusion for board members. In this specific situation, you will need a property management company that has dealt with a lot of new construction condominiums. A good management company can save you much money by keeping the board organized, advising you and connecting you to experts that can give you the solutions you need to manage your condo properly
Another example is if you have an older property with more capital replacement items and projects. In this instance, you will need a professional property management company with experience in this area. Ideally, it is best to have a company that has a wide range of expertise and have a versatile team. Braden Equities Inc. has it all.
Analyze the Budget
Of course, it's also important to consider the value of the provision of the service.
Many organizations can charge prices way below average, but they do not deliver services that match the demand or satisfy the needs of the condominium board that hired them.
For this reason, you need to analyze cost-effectiveness first and foremost. If the company charges a little more than its competitors, but their service is high quality, then it is worth paying more for a reliable job. Always analyze all of your options before you choose.
Every property management company will quote a similar price depending on the size of the project. The larger the project, the less monthly management fee cost. For this reason, you should make sure the price is competitive; however, you should also consider the hidden costs.
Consider, for instance, the following costs for copies, emergency work, emergency services, project management, extra services, hourly rates for extra work, the percentage on individual assessments, and yearly increase amount costs. Condo board members must focus on these costs because it’s likely that they can charge you for a wide variety of things. Our suggestion is to ask the management company upfront for a separate list of extra charges that you can easily see. You can miss certain things when you go through a densely worded 12-page contract, but in obtaining a one-page overview from each company you interview, you will see what extra costs they charge.
Check the Company's History
An excellent property management company should be competent and have years of market experience. These are characteristics that you should consider during the analysis of the company's history, including checking references. Speak to at least two or three of their longtime boards, as well as two or three of their new boards. Doing so will provide you with the right insight into the character of the company and will give you the right idea of how they will treat you.
You should also take into account how long they have been in operation and which condominiums they still manage. One of the points that make a professional property management company trustworthy is the engagement of their professionals with the work they do, their potential, and the knowledge that they share.
Therefore, when choosing a company, consider how much training their managers and employees have received, including certifications, courses, specializations, and MBAs.
Another advantage that you can consider is the property management company’s knowledge and understanding of bylaws. A professional property management company that has a thorough understanding of legislation will alleviate much stress and will ensure that the company will always act in your board’s best interests.
Check Analysis Support
Your relationship with the professional property management company should be useful in the long-term. That's why it is essential that you do an accurate analysis of the care and support that the company provides.
Among the criteria you should consider, you should highlight:
- the company’s agility at delivering services;
- the company’s ability to give customized offers, according to the needs and the profile of the condominium owners; and
- the company’s ability to oversee financial matters and duties.
Understanding the services a professional property management company provides will ensure that you choose the company that is right for your condo board.
Determine What Is and Is Not Included in Their Services
Condo board members tend to overlook is understanding what a professional property management company does and does not do.
Some boards hire a company and have unrealistic expectations or could ask the property management company advisor to complete tasks that aren’t necessary. Your property management company has little time to allocate to your property, so it’s essential to have them use their time as effectively as possible on the things you need for your property.
For instance, it may not be wise to have a property management company advisor deliver Christmas cards to the 200 units in your complex; instead, focus on those fundamental problems that may be ongoing.
Managing a condominium can be time-consuming, so hiring a property management company to help with specific responsibilities is a good idea.
An ideal professional property management company is one that alleviates your stress, can advise you on the bylaws, and will ultimately save you money.
Braden Equities Inc.’s priority has always been to deliver the best results possible for their clients. They have a long history serving Alberta, understand the market, have a proven track record, and don’t shy away from using technology.
Get in touch with Braden Equities Inc. today, to see how they can help your condo board.