Managing a condo is no easy task. From general office work, to maintenance, to accounts payable and receivable, managing a condo requires a specific set of skills – not to mention management experience.
Not only do condo management companies or condo corporations have to deal with residents’ concerns and maintenance of infrastructure, but they also have to manage the condo corporation’s employees, comply with all legal requirements of the condo act, and much, much more.
There are several different approaches to condo management. The type of approach a condo corporation chooses depends on a variety of factors, including budget, the size of the condo, number of residents, and more.
Here are three different approaches to condo management.
1. Complete Management
Most big condominium corporations hire a property management company to handle the responsibilities associated with managing a condominium. These property management companies handle everything ranging from maintenance, to resident complaints and requests, to employee payroll, and everything in between.
Property management companies have employees who possess the management skills and experience required to manage a condo.
2. Limited Complete Management
Condo corporations may also opt for limited complete management, which is a cheaper form of complete management. Often this is done to save money.
This type of approach provides condo management, but not on a full-time basis. The property manager typically works on the site a few days a week – or for a few hours a day. When this approach is used, the property management company often uses various different technologies to streamline tasks and responsibilities. These technologies are a fraction of the cost of hiring individual employees, and save hundreds of thousands of dollars every year.
3. Self-Management
Self-managed condo corporations do not hire property management companies. Instead, the corporation manages itself. This can save condo corporations a considerable amount of money, and are usually managed by the board of directors or in some cases volunteers. The people who manage the condominium are responsible for completing the tasks associated with managing a condo, including maintenance, resident requests, and more. It is typically smaller condo corporations that take the self-management approach.
A self-managed condominium requires someone who is knowledgeable in business and building management.
Which Approach is Best?
There are several advantages and disadvantages to each approach. The approach a condo corporation decides to take depends entirely on its budget, the size of the condo, ad how many people are living in it.
Complete management is a great option if a condo corporation can afford it, and if the condo itself houses a large number of residents. Property management companies have the necessary experience required to manage condominiums and can ensure that a building receives proper maintenance, its residents are acknowledged, and everything in between.
Limited complete management is the best of both worlds. While it is not as expensive as complete management, it still offers the same advantages (management experience, skills, etc.) This is a great option for a condo that is on a budget but still want the benefits of complete management.
Self-management is a good option for smaller condo corporations. Its benefits include: saved money, reduced costs, better awareness of condo management issues, and more. That being said, if managed by someone with little to no experience, it can result in financial impropriety. Managers require knowledge of building budgeting, maintenance, legal issues, and more.
The management approach a condominium corporation chooses will depend on many different factors, which is why any corporation should always seek professional advice and understand the varying tasks and responsibilities associated with managing a condo.
Contact Brilliant Properties Inc. Today
Brilliant Property Management offers trusted condo management and honest solutions. We act in good faith and help condominium corporations manage their finances, track all repairs, and much, much more. Poorly managed condos reduce the value of units as well as the entire property itself. This is why having great property management is extremely important. We work in the best interests of all of our clients, and are dedicated to providing trusted services. To learn more about Brilliant Property Management, contact us today.
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