The 4 Drawbacks of Self-Managing a Condominium Association
Self-managing a condominium association is a demanding duty that often requires board members to devote large chunks of their free time to addressing the needs of their community. For this reason, many volunteer board members who are self-managed come to regret their decision to forgo the assistance of a management company.
In this article, we will be discussing the four drawbacks of self-managing a condominium association. If you and your fellow board members are overwhelmed by any of the below drawbacks, don’t worry — it’s perfectly normal. The accounting, recordkeeping, and administrative expertise that is required to effectively run a condo association are simply beyond the means of most board volunteers. For a Tampa condominium association management company that specializes in these services, contact Wise Property Management.
1. Volunteer Board Members
If your association is self-managed, it will depend entirely on the whims of volunteer members who come and go every year. If your board is operating at anything less than full strength, it will be unable to keep projects moving forward. More than likely, an uncertified board member is going to make mistakes that end up damaging your association’s relationship with its owners, thus costing your community more than it would have saved by working with a Tampa condominium association management company.
2. Fielding Complaints
Without a management company, there’s nothing that separates board members from owners and their numerous complaints and concerns. While this may seem like a board member’s chief responsibility, it can result in board members being accosted by neighbors whenever they leave their homes. A professional management company will have the patience to not only field complaints but also effectively address the underlying issues.
3. An Overwhelming Workload
The responsibilities that come with self-managing go far beyond that of fielding complaints. Sending out pertinent notices and newsletters, organizing and attending meetings, and performing inspections are just some of the duties that are expected of you and your fellow board members. Unless you’re prepared to devote your nights to each and every community concern, you should reach out to a company that provides Tampa condominium management services.
4. No Help with Financials
Even the most trustworthy and capable board member is going to have their hands full when it comes to maintaining your association’s financials. The extensive training that is necessary to properly process payments, monitor monthly expenses, finalize the budget, prepare checks, and review vendor invoices is more than what can be asked of a volunteer treasurer. Alternatively, a condominium management company can accurately handle your financials, file and maintain community documents in a climate-controlled environment, and ensure that your association is compliant with all state laws.
Leave the Managing to Us
Before settling for self-management, you should consider the incredible commitment it would take to run a condominium association with only a handful of board members. At Wise Property Management, we have the manpower and expertise to ensure that your association never experiences the above drawbacks. If you’re weighing your options and considering our Tampa condominium management services, request a proposal and discover the benefits of joining the WISE family.
Are you ready to work with a Tampa condominium association management company that makes life easier for you and your board members and improves the value of your property? If so, submit our proposal request form today!