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It depends.
If you are a six-unit conversion of a brownstone on the upper east side of Manhattan and you've all lived in the building for 20 years and kept the property in good repair -- maybe not.
If you're a new complex with multiple buildings, a mixed-use development with residential and commercial, have a clubhouse, pool or putting green -- maybe yes.
Everyone in between: the association needs to make this decision.
These are the advantages of hiring a property manager (who knows that they're doing):
- They offer a buffer between board members and neighbors
- They can help the board honour the governing documents and abide by the state law that governs condominiums and possibly non-profit corporations
- They can handle your finances and produce financial reports in the standard modified accrual method
- They can offer a wider selection of vendors
- They have experience working with recalcitrant owners who don't like to pay assessments, so they don't pay them
- They can collect the names of tenants
- They can send violation notices and enforce the governing documents
Unless someone on the board is more or less willing to devote full time to operating the business -- usually a multi-million dollar corporation, a condominium-centric property manager is a vendor that most associations prefer to hire.
Key is finding a property manager knowledgeable in managing condominium properties. A rental-centric property manager can generally be a waste of money, since without an understanding of governing documents and local state condominium law, this vendor can only offer a false sense of security to the association.
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We at Remaxstar Estate Agents Ilford recognise the value of open communication between residents and property management firms. To address issues, deliver information, and create a peaceful living environment, we place a priority on developing responsive and transparent channels. Learn more about our dedication to excellent communication and property management services by visiting estateagentsilford.co.uk.
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