Documents to Expect from Your Condo Management Company
Once you successfully hand over condo operations to a Tampa association management company, there are many documents that your selected management company should provide you with on a regular basis to comply with your service agreement and to keep your board or property owner aware of everything going on with the property. In this brief editorial, you can learn more about the documents you can expect to receive from your condo management company.
Monthly financial statements are imperative in maintaining transparency and strong economics. This can include any expenses as well as any revenue that the management company spent in maintaining the property or from collecting dues. Depending on the company that you work with, the amount of detail presented in these reports can change. If you aren’t getting enough information from your condo management company, you could ask for more details in a monthly statement.
There will always be maintenance requests when it comes to shared amenities and community spaces, including parking lots and trash disposal sites. Depending on the agreement residents have with the condo association, this could potentially include some repairs to individual condos. Your condo management company can provide you with maintenance summaries of all of the maintenance work completed on the property.
Your condo management company should provide you with copies of signed contracts with vendors and new condo residents as they are executed. Some condo management companies can fill vacancies, advertise rental condos for owners, and find condo buyers. If this is the case, your condo management company should be able to provide you with access to these documents, even if it is digital access.
Every condo community is different. If your condo management company is tasked with sales or filling vacancies, the company can provide you with occupancy reports that can give you a clearer picture of what units remain available and need to be filled. The type of information that the condo management company provides will depend on the amount of detail your board wants to see.
Outsourcing property management tasks to a condo management company does not mean that your board and property ownership team won’t have any access to information about the property and its performance. Your condo management company should provide you with documents at least monthly to keep you informed about what is happening in the community. This can enable you to provide feedback about the direction the management team is going in.
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