Condo management companies offer a plethora of services to condominium associations. They ease the condo board’s burden by assisting with the completion of the board’s duties. With a professional company, condo associations need not worry about day-to-day operations.
What is Condo Management?
Condominium association management refers to the oversight and administration of a condominium’s operations and maintenance. It involves handling the daily workings, financial management, and upkeep of the condo building’s common areas.
Typically, unit owners elect fellow owners to serve on the condo board. This board is then responsible for managing the association, from collecting fees and hiring vendors to resolving conflicts and ensuring legal compliance. Board members are volunteers, so while they do offer their time and service, they usually do not receive compensation.
More often than not, board members find it difficult to juggle their condo management responsibilities along with their personal obligations. They might lack the time or expertise (or both) to fulfill their duties to the association. For this reason, many condo boards turn to professional management companies.
Condo Management vs Condo Property Management
While they may sound similar, condo management and property management are distinct. Condo management refers to the oversight of the condo complex’s operations. This includes dues collection, financial management, unit owner communication, conflict resolution, maintenance and repairs, and more.
In contrast, property management refers to the oversight of a rental property. This involves rent collection, tenant screening, property listings, rental property maintenance, and even legal proceedings such as eviction. Whereas condo management serves primarily condo associations, property management serves landlords and rental property owners.
Of course, condominium property management is entirely possible. Some companies offer both services, overseeing the management of the association as well as the management of rental units within the building.
Key Responsibilities of Condominium Management
The management of condominium associations involves a lot of work. Board members often hire a professional company to assist them in carrying out their duties.
While the specific services can vary depending on the management agreement, they typically include accounting and financial management, operations and building management, maintenance and repairs, vendor coordination, communication, conflict resolution, and legal assistance.
Let’s break each one down below.
1. Accounting and Financial Management
Good financial planning is essential for every condo. Management companies prepare annual budgets to ensure operations are funded and balanced. They can also collect monthly dues from owners and handle payment processing for utilities, repairs, and vendors.
Additionally, managers can track accounts receivable and follow up on late payments. Financial reports are prepared regularly so the board knows where things stand. They will reconcile bank statements and make sure everything matches.
During tax season, they can prepare the proper documents and file them on time. If an audit is required, they can coordinate with the auditor and supply all needed records.
2. Operations and Building Management
Condo association management also involves handling day-to-day operations. This includes managing building access, ensuring common areas stay clean, and arranging trash services.
Managers will often inspect the property to identify any problems early. They will ensure that fire safety equipment functions properly and that elevators pass inspection. They can also help enforce rules, oversee amenities, and make sure residents follow association policies.
3. Maintenance and Repairs
Condo management teams can handle both routine upkeep and emergency fixes. They will schedule regular services, such as landscaping and HVAC inspections. If a pipe bursts or the roof leaks, they can quickly send out vendors. They can also handle minor repairs, such as broken lights or loose railings.
All work is tracked and documented, so nothing slips through the cracks. This will help keep the building safe and in good condition.
4. Vendor Coordination
Management companies work directly with service providers. They will review vendor proposals, check licenses, and verify insurance.
Once a vendor is selected, they can coordinate schedules and supervise the work. They can also ensure the job meets quality standards before payment is made. This can save the board time and protect the condo from liability.
5. Communication
Clear communication always helps everyone stay on the same page. Management companies will send notices, newsletters, and meeting reminders to residents. They can also answer questions and respond to requests from unit owners.
Some companies set up portals that allow residents to log in and view documents or submit service requests at their convenience. This will keep information organized and accessible.
6. Conflict Resolution
Disagreements can come up in any community. Condo management companies often act as neutral third parties to resolve these disputes.
They can listen to concerns from residents and try to resolve issues quickly. Whether it’s noise complaints or disputes over rule violations, managers will step in before things escalate. This helps protect relationships and maintain peace in the community.
7. Legal Assistance
Condo management teams can also help navigate legal matters. They will work with the board’s attorney to review documents and enforce rules. If the condo needs to update its governing documents or file legal paperwork, they can assist with the process.
Furthermore, they can also track changes in local laws to ensure compliance. When legal issues arise, they can help the board take the right steps.
Condo Management Authority in Texas
In Texas, no entity oversees condo associations. That said, condominiums must adhere to the provisions of the Texas Uniform Condominium Act and the Texas Condominium Act. The latter applies to older condominiums that were created before 1994.
Given the complexities of state laws and the association’s governing documents, condo boards must have a background in law or retain an attorney. A condo management company typically has a legal department that works closely with its client communities, providing guidance and handling legal tasks.
Beneficial to All Condo Associations
Condo management can be very difficult, especially for inexperienced or self-managed boards. Hiring a professional company can offer great advantages and significantly lighten the board’s workload.
Preferred Association Management Company offers exceptional condo management services to communities in Central Texas. Call us today at 512-918-8100 or contact us online to learn more!
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