The Six Ways a Condominium Management Company Adds Value
When your condominium corporation is self-managed, you may think that everything is running smoothly. However, what if you had a professional community management company helping you improve your community and cut costs for your corporation in the long run?
Many condo boards often do not realize how beneficial having a community management company is. They are pleasantly surprised when they discover the hidden value they receive from hiring a full-service all-star team! Here we describe six ways in which hiring a management company can help you.
1. Costs for a variety of products and services decrease.An immediate benefit when partnering with a full-service community management company is to gain their knowledge about local costs and their buying power. Think about every vendor or contractor that you currently do business with. You'll know you have excellent support when the company can benchmark what you pay versus what other similar properties pay to see if you are overspending. If they come to this conclusion, the company can renegotiate your contracts on your behalf, or switch to other competitively-priced vendors.
Imagine the savings you can bring your corporation regarding utilities, waste management, landscaping and cable services, and so on. The right management company will also ensure that it's not just about price but also about value. They will not settle for a company because it's the lowest-priced, but because it checks off the criteria of being affordably-priced, valuable, and is the best fit for you.
2. You discover areas of fantastic savings.An experienced community management company will immediately know hidden cost-savings for your corporation that you would not have considered. They will perform an analysis of all your operations and decide upon strategies on how to reduce your costs, thereby improving your residents' quality of life as well.
3. Residents' units retain their value.A community management firm helps increase your condo value by having regular maintenance or new projects completed. Whether it's getting a fresh coat of paint in the lobby done, resurfacing pavements, or taking responsibility for any other long-term project or upgrade, their job is to keep your condo looking its best. This is not just for your resident's benefits but also for your interest, especially when you are trying to appeal to potential buyers in the future.
4. No more chasing after condo fees.One of the toughest parts of being a self-managed community is when condo fees are due, and you are having difficulty collecting them from every resident. It is an often awkward situation for board members when they collect any late fees from neighbors who may also be your friends. However, hiring a community management team makes that situation disappear because they are now the middle-man. They can remain professional and objective throughout the entire process.
5. A stronger team is built.When your existing staff comes under the responsibility of a community management company, they are placed under excellent care. This is because they are often offered development and training opportunities to further their career goals and skill sets. These programs make a noticeable difference very quickly. Also, employees tend to be happier when they know they are supported in this way, and it will show when working with your residents as a cleaner, concierge, security guard, etc.
6. Residents experience a greater sense of community.Having more streamlined operations and more professional and dedicated staff does a lot to enhance residents' lifestyles. The onsite management team also knows how to improve and initiate activities and programs that are best suited to your residents' unique needs and desires. Because of this, residents have more opportunities to get to know each other and feel more connected.
It can be tricky for residents to manage a condominium corporation themselves. Board members have to tackle many things at once, often taking on a considerable workload as well as any ad hoc projects that come their way. Being able to hire professional community management takes away a lot of that stress. It lets your board focus on the more important things, such as policy making, budgeting, and running meetings.
Learn more about how your condo corporation can transition from being self-managed to being professionally managed. Contact FirstService Residential, the leading condominium management company in Alberta.