Working with a good property management provider is important for the overall health and vitality of your condominium community. Unfortunately, however, there are some myths out there that might misrepresent what it's like working with a professional property management firm.
The following are some myths debunked regarding condo property management:
Myth #1: Property managers control communities
First, it's important to understand that property management companies both large and small are there to assist communities, not to override them. A condo board, made up of volunteer owners, sets the rules for communities, and the property management firm's goal is to fairly enforce those rules. Managers may provide helpful input due to their experience working with other communities to enhance the board's effectiveness.
It is also important to remember that the manager assigned to a condo property is just the tip of the iceberg. The manager might be the only person interacting with a community, but that person is able to rely on the larger property management company for resources and support.
Myth #2: Hiring a property management provider is too expensive
There is always a cost consideration when determining whether or not go to with a property management firm, but the real benefits provided are of great value overall. The manager is able to take away some of the burdens that can slow down or distract boards from making the best decisions possible for their communities.
Good property managers might also be able to help with negotiating lower service fees, which provide direct cost savings for the community. Most property management firms have access to different vendors offering various options and rates, giving condo boards the flexibility to make sound decisions. Again, the manager is there to make recommendations.
Myth #3: Boards lack the capacity to hire property managers
Because condo boards are made up of volunteers, some believe that they do not have the expertise necessary to make a big decision like hiring a property management provider. In fact, most boards have members who combine their experiences and viewpoints to come to swift and effective resolutions. This process works even better when there is an experienced property manager there to guide the board in its decision-making.
Myth #4: Property managers don't really care about condo communities
This is a misconception about larger property management firms in particular. Board members and residents fear that they won't get the best service because their community won't be made a priority.
The best property management companies are set up to avoid this issue, often having a single manager to serve as the point of contact for a particular property. These professionals' workloads are kept light to ensure that they can focus on the properties they oversee.
Above all, property management providers are designed to help communities thrive, not to take away control. The board and the community at large can benefit greatly from bringing in an experienced team to assist and ensure the long and prosperous life of the property for years to come.