A Guide to Finding the Right Condominium Property Management Company

Posted on Thursday November 20, 2014 |

Your board has been self-managing your condominium corporation, and now you’re ready to hire a management company. Or perhaps you are looking for a management company change for your community.

Either way, it’s a big decision. How do you find a reputable company that has the expertise and service commitment to help your community thrive? Consider these four points when you evaluate your management company options.

  1. Size does matter
Some think a smaller management company will provide a more personalized level of service than a large one. This is a common misconception. A smaller management company may not have the human and technological resources that an experienced and established manager has. Successful condominium management requires the ability deal with any situation that arises. It can be anything from a barking dog to a natural disaster. Accurate financial reporting, multiple communication channels, solid leadership, trusted suppliers and 24-hour emergency response are all critical requirements. In addition to these day-to-day functions, larger management companies offer the backing of global resources and decades of local industry expertise. Big companies aren’t born big. They are the companies that successfully deliver proven solutions and programs, and they know how to succeed on behalf of the associations they represent. So don’t be afraid to look to an industry leader – you deserve it.
  1. Look for savings
The best condominium management company will have the power to pass savings on to you. That means your board could enjoy renegotiated contracts with vendors, insurance companies, banks and maintenance crews that result in significant budget-saving differences.
  1. Financial accountability
You want a condominium management company that will focus on your finances and provide detailed monitoring, management and reporting services. They must accurately record accounts receivables and payables, prepare comprehensive financial statements, understand budget requirements, process collections and more.
  1. Plan for the future
Look for a management company that is focused on your future. That means your manager understands your reserve fund requirements and has options for the long-term growth of your trust funds.

Choosing the right association management company is easier if you remember these four factors. If your new management firm can fulfill these requirements, you’re headed toward a rewarding relationship. For more information on choosing the right management company for your condominium corporation, contact FirstService Residential, Alberta’s longest-serving condominium management company.

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