3 Ways to Manage your Condominium

If you own a condo it is likely one of, if not the most important asset you own. You have a lot of money tied up in the condo and given the recent housing market issues, you need to make sure it is managed well.

The size (number of units) in your condo association typically dictates how it is managed. Historically there have really
been 2 options to consider when deciding how to manage the condo; (1) hire a full-service property management company, typical for large properties and (2) self-managing the condo, typically seen in smaller properties. Both options work and are the right solution for some. But now there is a 3rd option available to both large and small properties that combines the best of full-service and self-management. It is called Assisted Property Management (APM).

Assisted Property Management

APM is a hybrid solution that enables the condo owners to customize the level of service they are getting from the property manager. Some condo associations want to and are able to pay for the full service; others either cannot or do not want to pay someone else to manage for them; there is a 3rd group that wants to and is able to do some parts of the management and is willing and able to pay someone else to take care of other parts. For this 3rd group, APM exists.

With and APM solution the condo association gets a customized property website that all residents can access. The site features include:

• Property calendar
• Document Storage
• Vendor Database
• Contact list
• Accounting
• Communications / email reminders
• ……

The Condo Board / Trustees and unit owners can be responsible for aspects of the management that they want. The more they are responsible for, the less they have to pay for.

When the Board decides that there is some part of the property management that they want to pay for, they can request the service from the property manager. These services might include accounting, common area cleaning, landscaping, general maintenance.

A Win-Win Scenario

So the relationship between the property manager and the property is truly in the best interests of both parties. The condo gets a customized property website, an excellent vehicle to enhance property communications, a professional management tool and the ability to control the goings on at the property and the associated costs. The management firm gets away from the day-to-day management (typically a non-money-maker) and gets access to the property to market and sell it’s ‘other’ services (cleaning, accounting, maintenance…..).

An APM Solution makes sense. It gives you, the property owner, the piece of mind that your most important asset is well managed and does so in a cost effective way. Managing your property does not have to be difficult and it does not have to be expensive, but it does have to be done right.