Property Management: A Success Story

All to often in property management we hear about the bad – an unresponsive property manager, residents not following association rules, fees being too high and countless other items that can make condo living difficult. Well here is a story that is not about the bad, but about a situation where all went well. Turns out Condo living does not have to be that bad.

The situation was this:

• A 5-unit self-managed condo
• A building 50+ years old
• A backlog of large capital projects that needed to be done on the building
• A functioning board that realized they did not have the time nor skills to manage the upcoming projects
• A board concerned about the costs of moving to a full-service property manager

The Condo had been self-managed for over 10 years and had no real issues. The condo fees ranged from $170-$200 a month per unit. With the upcoming projects the board knew it was time to look for outside help to manage the property.

The Solution

After a fairly exhaustive search process in which the board looked at, interviewed, and received proposals from a number of management companies, they chose to go with an Assisted Property Management Solution.

With the Assisted Property Management Solution the condo board was able to tap into the resources and experience of a professional management company while avoiding the full-service costs that typically goes along with that. Specifically, the board saw their benefits of going with the Assisted Property Management Solution as follows:

• Ability to maintain control over their property with complete visibility to all activities
• A customized property website
• Access to the qualified vendors of the management firm
• Access to the professional property managers as needed
• Ability to pay for services on an a la carte basis
• Control over their costs
• Comfort / piece of mind that they now have a resource to call when needed

While this seams like a fairly simple solution, it was not something that was readily available in the market for this condo to find. This was the perfect solution for the 5-unit condo. The costs where far lower then they expected given their need / desire for a relationship with a management company.

It is not always we get to hear or write about a success story when it comes to property management. It makes sense to highlight the successes that we hear about, as there are many solutions for management, the Assisted Property Management being the right solution for this condo.