Condo Management Company Role

Written by Posted On Thursday, 10 September 2015 17:44


Condo management is a multi-billion dollar industry with numerous firms - all promising to provide "the best services.” In this type of market it pays to be an informed consumer and to stay up-to-date on old issues and ahead of new trends. An informed consumer promotes integrity in any business.

The role of a condo management company can be confusing to say the least. To whom does this entity report, and what exactly do they do? Why are they needed, and how will I, the homeowner, benefit?  These are just a few of the ambiguities that need to be explained for a complete understanding of why condo board help is needed and benefits all facets of condo living.

Condo living is, in and of itself, a unique and often misunderstood way of living. With the lines of ownership and the financial upkeep responsibilities all blurred by community ownership, having an experienced management company on your side is beneficial to all parties.

The role of the condo management company is to oversee the day-to-day operations of the condo. Their duties include: managing financial aspects related to the condominium, ensuring the bylaws of the association are being maintained and reporting grievances to the condo board, upkeep on all common areas, correspondence with homeowners and the board, planning all social events/association meetings, securing bids for upcoming improvements and modifications, submitting said proposals to the board for approval, providing the board guidance in many varied areas related to condo living and management.  

The condo management company is hired by the board and answers only to them as well. They provide the board with the means of governing the community in the best, most efficient way possible, all while upholding State laws and regulations.

Overall, the role of the condo management firm is to make sure that the day to day operations of the condo association are run in a financially prudent and timely manner. This gives the condo board and the homeowners the reassurance that their investment is in good, reliable hands. When hiring in a big city, such as Chicago condo management, a competent firm also ensures that recruiting future board members is a hassle-free process among the many prospects from which to choose. Condo communities without a management contract often have a hard time recruiting new members due to the unpaid stress the board members undertake. With the day to day operations handled by an outside source, the board members are thereby able to serve on the board without incurring additional stress in the process.

Investing in a condo management company will help make the experience of being part of a condo community as positive and rewarding as any other type of living arrangement, perhaps even more so than other more conventional options.


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