22 – 24% of Americans stay in communities governed by Housing and Condominium Associations. This is according to a report by the Foundation for Community Association Research. Condominiums continue to gain popularity in the 21st century. Excellent condominium association management calls for better property management. Success in this domain is not without its challenges.
However, proper condominium management is not hard with good strategies and relevant information. Here are tips on successfully managing a condominium association.
1. Build a Cohesive Community
Property management means dealing with neighbors living in close proximity. However, this doesn’t guarantee a cohesive community. Inculcating a sense of community is thus important when it comes to real estate management. Doing so goes a long way in strengthening ties among members.
2. Every Member Should Have a Voice
Giving every member a voice helps foster a solid community. Keep in mind that association members pay for the choices an association makes. This is regardless of whether the members agree with the decisions or not. Every member has vested interests in this case. Therefore, giving each member an equal chance to be heard is essential.
Sure, you might be the spokesperson of the condominium association management team. But your top priority is to act in the best interest of your constituents. Knowing the stance of each member on different issues affecting the condominium is crucial. Taking into account the input of all members will actually work in your favor. This is because more opinions increase the chances of having amicable solutions. With each member airing their views, everyone goes home happy. Most importantly, ensure members share their opinions respectfully. A condominium association management team can’t be effective if no one listens.
3. Proper Communication
After considering each member’s opinion, combining the communal voice into one is key. Effective condominium association management calls for proper communication among involved parties. This means liaising with lending institutions, real estate services providers, legal firms, lessees, and condo owners. All these entities should efficiently receive all the information they need. There are numerous methods of sending essential information including:
- Sending newsletters on a weekly, monthly or quarterly basis.
- Creating a website and posting important updates. Ensure members are web-savvy before opting for this.
- Sending emails. Drafting a distribution list will make things easier.
- Organizing meetings regularly to allow members to share information.
Remember that you want to make things easy for everyone. Therefore, choose a communication channel that works best for you and the members.
4. Being Financially Savvy Is Key
Whether scouting for condo insurance or Texas real estate management services, saving every dime is important. Asking for trusted referrals, reading reviews and requesting bids will help get value for money. However, the best option isn’t necessarily the cheapest. An extra coin that gets the job done correctly the first time is a small price to pay. The goal here is getting good quality at a price that is just right.
5. Remain Organized
Staying organized is key when it comes to condominium association management. Keeping a meticulous record of everything makes the work easy. Some of the items to keep an eye on are upgrades and repairs, crucial correspondence, financial records, and meeting minutes. Thanks to modern technology, the market offers systems that can help stay on top of everything. With such a system, all the members need are login credentials to remain updated.
6. Responsibilities and Roles Should Be Clear from the Onset
Property managers will in most cases help source for contractors when in need of major repairs. They can also help with routine maintenance and minor repairs such as fixing broken locks. Condominium association management also helps with the enforcement of rules and regulations. This includes serving condo owners with a notice after violating condo restrictions.
On the other hand, unit owners should take care of tasks like in-house cleaning. Paying for trash collection is usually the responsibility of the condo owner. Tension is likely to start when members feel that the condominium association management is failing. Understanding everyone’s responsibilities keeps such issues at bay.
Whether your membership is 10 or 100, condominium association management shouldn’t be a nightmare. With these tips, you have all that’s needed to emerge successful.