Management Alternatives (part. 2)

This is the continuation of a two part series in which we cover the functions and duties of a property manager.

The functions and duties of a property manager are usually itemized in the management agreement. Some firms offer different packages to different size buildings which makes hiring a management firm more feasible to condos of all sizes.

Although the duties of a manager can be quite lengthy, there are six major areas that cover all the duties:

     1. Advise and receive counsel from the board. Keep and active dialogue and attend meetings as agreed.

     2. Maintain owners' records to include mailing addresses, phone numbers, parking and storage assignments.

     3. Handle all financial records, reports, budgets, assessment collections and reserve accounts.

     4. Negotiate service contracts, one-time contracts, pruchasing and procurement of insurance. Here's where a pro can save an association money.

     5. Supervise maintenance personnel and support staff.

     6. Inspect, report, schedule repairs and follow up to completion of work.

Good management not only involves carrying out duties but having a competent organization that employs proven management techniques. The ability to handle individual complaints professionally and to keep in mind the entire building's welfare at the same time requires skill.

If a board decides to hire a management firm, it should talk to several. Pick a firm that can do the best job for the association at a fair price. Review the management agreement. Consider the pluses and minuses of a small or a large firm. Consider the location of the firm to your building.

Consider the make-up of your building and the level of management you require, along with the personality of the firm and the manager it will assign. Ask what firm is best suited to meet the building's objectives?

Since management is a people oriented business, pick out a good personality for your association. The selection process itself can be a learning experience, as you define how your building will be managed.

This completes our series on Management Alternatives. We hope you found it useful and informative.