Utilizing the services of a property management company may be your best option. The right choice can lead to cost savings and a better run community. There are many different types of companies and services, and knowing what works best for you is the key to success.

Just like making an investment in property is a major decision, it is equally critical to choose the right property management services. It is important to hire a property manager who you trust and feel comfortable with so that management of your property becomes an easy process.

Price alone should not be the determining factor on whether to hire a particular management company. If the cost is low but the quality and quantity of services are equally low, you will only “get what you pay for.”

Delegation of authority is perhaps the most significant aspect of the relationship between the management company and the board of directors.  Once you hire a management company, the Board should delegate responsibilities to that company and not get involved in the day-to-day activities of the association.

Here are some things to consider while narrowing your search

·         Association management typically involves at least nine areas of responsibility:

Environmental standards

The maintenance of common properties

The provision of common services

Internal communications

Financial management

General administration

The procurement of insurance

The preparation of tax returns and other reports

Assistance to the Board of Directors on policy matters.

·         Know what you want.

Be clear as to the services that you are looking for. Be up front about concerns and expectations.

·         Do some research.

Most reputable companies will have a website. Any reputable manager would be more than willing to meet in person and provide you with references. Know who you are doing business with.

·         Review the Management Agreement before Signing.

 The golden rule of adulthood is to always read before signing. Management Agreements are legally binding contracts and can be negotiated

 And last but not least once you make a choice of condo management that you trust, you should do just that, trust them. After all, they are the ones that have the team of professionals and the combined years of expertise in this field, and on issues that you are unsure of, you should go with what they suggest if it sounds reasonable to you. Of course, if you come across bad advice or advice that goes horribly wrong, you could end up second guessing your choice of who you have hired. But in the business world where you cannot handle everything personally, even if you would like to, this is a chance you sometimes have to take. Make sure that you do not over involve yourself in the managing part of it. Be aware of how far you need to go, but stop yourself if you begin to micro manage. That is what the team you hired is there for.