Condominiums offer a unique and elegant way to live in a home. Condominiums are a collection of units, which can be found in larger buildings (similar to apartments), or in detached houses within a community structure. Each condo has an owner and common areas that are used by all. Condo associations are responsible for some of the upkeep, rules and expenditures. It is a hard job but it is necessary to be an HOA/condo administrator. That’s where condo managers step in to take on an integral role within the homeowner’s association. Here’s a quick guide to explain how.
What does a Condo Manager Do?
Telling someone you’re a condo manager doesn’t actually give them an idea of what the job entails. The phrase “manager” can have an incredibly abstract meaning. It’s just not very specific at all. These are some of the responsibilities condo managers might need to fulfill during their tenure.
- Keep the common areas intact
- Collect dues and payment
- Keep assets
- Resolve resident complaints and issues
- Execute daily operations
- Draft budgets
- Prepare financial statements
- Plan how the reserve funds will be allocated
- Keep within your budget
- Management of projects throughout the association
- Communication with residents regarding key items
- Conflict management
Although there are many more complex duties that fall under the umbrella of condom manager, these are the most common. It’s quite an extensive job, so finding tools to help automate some tasks or manage things can be a good thing. These tools include cloud-based technology tools such as
Condo management software and automation. We are open to discussing ways to make it easier for residents and management to pay dues, transfer ownership titles and report complaints.
Collecting dues
In a homeowner’s association, everyone must pay their dues. The HOA board usually votes to approve dues. These funds go towards improving the community, maintaining common areas and repairs. It is part of living in a condominium or HOA. It can be difficult to collect dues. It may be more efficient to use an automated solution to collect dues than to go around collecting checks. Dues and fees cover the costs of maintenance and upkeep, so ensuring they’re collected properly is crucial to the role of any condo manager.
Budgeting
Every organization must have a budget that they adhere to. It’s no different with managing a condo. Budgeting should cover many areas. Budgeting is more complex than simply figuring out how you’re going to allocate funds. It boils down to identifying community needs and understanding costs. Then, it’s about finding the money to pay these costs. It is helpful to look at previous years’ reports to help you assess the data. Automated solutions make reporting simple, so you can easily access and do the accounting. Then it’s a matter of shopping around for deals from reputable sources. In that regard, it’s not unlike shipping around for life insurance quotes. Although budgeting is difficult, the community will benefit from finding ways to make it easier.
Finding Vendors For Repairs
After a while, everything begins to fall apart or becomes disrepair. Condo properties, and especially the common areas, can become uninhabitable without proper maintenance and upkeep. Sometimes it’s something simple like a few roof shingles or some plumbing. Sometimes you may need to find vendors and maintenance personnel for large projects. Assessing and communicating with the vendor is an important part of selecting the right vendor. The manager must first find a suitable vendor or a group of vendors for the job. Next, the vendor should undergo thorough vetting to ensure that they are a good fit for their community. Evaluate their communication skills, their ability, and their reputation. Are their customers satisfied with their work? What are their rates for work? Is their performance consistent and high-quality? If they do, then it might be worth hiring them. If you do decide to hire and onboard a vendor, you’ll need to manage them effectively. If you’re using an automation solution for collecting dues and budgeting, you might be able to use the same system to oversee fender management. Condo managers face many challenges when it comes to managing risk and preventing problems from vendors.
Owner Management
One aspect of managing condos that is often overlooked is the owner management equation. Managing who owns which properties is all part of a condo manager’s job. This also includes ownership transfers and changes. It is used to determine due assessments and other important factors that are essential for running a community. This is another area where condo management software shines by enabling managers to create and access databases while being able to change information on demand to accurately reflect the community’s current status.
