4 Benefits of Using a Condominium Management Company
Hiring a condominium association management company in Tampa can make an enormous difference in the long-term prosperity of a condominium community. If your condo community is smaller, it may be possible that self-management can work, but only if there are board members willing to take on extra burdens. However, even in that case, it can be a time-consuming and overwhelming job to self-manage a condominium. If you have a mid-size or larger condo community, it can be almost unfeasible for volunteers to run everything by themselves.
1. WHAT WILL THE MANAGEMENT COMPANY OVERSEE?
A condo management company will be fully equipped to take on all of the daily responsibilities for your condo community, and offer the following services:
• Collecting dues each month from residents
• Handling any late fees as well as communicating with the homeowners that are frequently late with dues
• Providing reconciled financial statements once a month
• Initiating and retaining operating and reserve accounts
• Guaranteeing expedient payment of the association’s bills while documenting all of these transactions
• Preparing the annual budget
• Supervising maintenance repairs
2. MANAGEMENT COMPANIES SERVE AS A MIDDLE GROUND
A Tampa condominium association management company will enforce all condo community policies and rules, which in turn can decrease the notion of unjust treatment. By allowing a management company to supervise all enforcement of community rules, it will prevent personal bias and related issues from arising, which is ideal for the long-term growth of any community.
3. MANAGEMENT COMPANIES COME WITH EXPERIENCE
Communities that are self-managed can battle with certain resident problems because of a lack of training and experience. A good condo association management company in Tampa, will have plenty of training and experience and will be well-equipped to handle a wide range of both major and minor issues. A management company will also have resources and relationships, which can help ensure that the association runs smoothly.
4. THE MANAGEMENT COMPANY WILL HELP ESTABLISH COMMUNICATION
A management company will help to open a line of communication with the Board of Directors, and keep it open. This will allow the Board and management company to work together to come up with procedures on how to address any homeowner concerns or needs. Open communication is the key to any successful condo community.