Self-managing a condominium can be time-consuming and overwhelming, especially in mid-size and larger condo communities. From long meetings and administrative tasks to addressing owners’ and residents’ concerns and conflicts, keeping up with the to-do list of things needed to make a condo a safe and comfortable community for all its inhabitants is almost impossible for condo board members, who are typically volunteers that have other commitments such as work and family responsibilities.
If you’re part of a condo board struggling with their duties, property managers play a crucial role in ensuring the efficient and successful management of the condominium. Here’s why a property manager can be the partner your condo needs:
7 Ways a Property Manager Supports Condo Boards
1 – Expertise and Experience
Managers are real estate professionals trained to handle all aspects of running a condominium. They understand condo management’s unique challenges and requirements, such as bylaws and regulations, financial management, and maintenance work. This expertise can help condo boards navigate complex issues and make better, informed decisions.
2 – Time and Resources Management
Condo board members have personal responsibilities they must attend to, which can lead to piled-up condo tasks affecting the condominium’s well-being. A property manager can help alleviate board members’ time and resource constraints by taking on day-to-day management tasks. This allows board members to focus on strategic planning and decision-making rather than getting bogged down in administrative details.
3 – Financial Management
Property managers are often in charge of managing the condo association’s finances, including collecting rent, paying bills, and preparing financial reports. They can provide valuable financial expertise to help the board develop and maintain a balanced budget, distribute resources effectively, and plan for future expenses.
4 – Enhanced Board Meetings
Condo board meetings are infamous for being perceived as tedious and a waste of time. This is because most critical concerns are often overlooked, a problem usually due to a lack of direction and preparation.
Property managers can help board members make the most of their meetings by offering their expertise to prepare comprehensive meeting agendas that prioritize the most important issues and ensure that meetings are efficient and productive. They can also work as a facilitator to keep discussions focused and productive.
5 – Communication and Conflict Resolution
Everyone who has lived in a condo or has been a board member knows how difficult communication management can be. If boards partner with a property management company, they’ll serve as a central point of contact for residents and owners, addressing inquiries, concerns, and complaints.
Property managers also have experience in conflict resolution and can help resolve disputes between residents or between residents and the board, promoting transparency and preserving community relationships.
6 – Vendor Management
Property managers have established relationships with several vendors and service providers such as maintenance contractors, landscapers, and cleaning and security companies. They can leverage these relationships to ensure that the condo property receives quality services at competitive prices that condo boards usually don’t have access to. Property managers also handle the coordination and supervision of vendors, saving the board members time and effort.
7 – Legal Compliance
Condo properties in Alberta are subject to several complex statutes, regulations, and bylaws that can be hard to keep up with for most boards, increasing the risk of legal penalties, financial liability, and disputes. Property managers deeply understand the legislative framework and will ensure that the condo property complies with these legal requirements.
The Right Choice for Your Condo
Working with a property manager is a strategic decision that will increase the overall well-being of the condominium community and will make your time as a condo board member easier and more enjoyable.
If your condo is in the Calgary area, we at Amhurst can offer the support you need to fulfill your board responsibilities: our services range from full management services to partial management of financial and administrative matters, adapting to your specific needs. Contact us to get a free quote.
