3
Top Reasons to Hire a
Management Company FINANCIAL & LEGAL – As you can imagine, without having a professional management company, the task of attempting to collect assessments amongst your friends and neighbors can be very difficult and can have a negative effect on your relationships. Talking about owing money is never a pleasant conversation! Having a professional management company can take the stress out of assessment collections, as the management company would be considered a third party and would not pose a conflict of interest. The professional management company’s task of enforcing the collection policy that is established by the board of directors is typically much more effective and efficient in collecting past due assessments rather than efforts put forth by volunteer board members. In addition, property management companies usually also maintain financial and other records for the association, produce regular financial statements and budgets, and track association operations and cash flows regularly.
Volunteer board members are less likely to be aware of today’s laws specific to homeowners associations and should not be expected to have knowledge about all of the laws that could potentially affect their association. The professional manager is much more likely to be familiar with the laws affecting the association, and will have the professional contacts to whom the association should be referred to for specific legal issues. Volunteer board members are exactly that – “volunteers.” Many have full- time jobs, family responsibilities, and other demands on their time which may impede their ability to serve their association as dedicated as a management company would.
MAINTENANCE OF COMMUNITY – Have you ever driven by an association that is beautifully landscaped and well maintained? It definitely catches your eye! The professional manager has access to an entire network of vendors and individuals they have worked with in the industry, allowing them to utilize their expertise in specialized areas. Those relationships acquired over the years are priceless and hold value to not only the manager, but to the association as well. It’s very likely that the manager will know which vendors they can rely on and which ones do not have a positive reputation. That knowledge alone can save the association from making costly mistakes. The manager can help seek vendors who can establish a specific maintenance plan for the association, which over the long run will result in better maintenance services and lower overall costs. This, of course, makes associations more attractive to prospective buyers and may enable a higher sale price in the marketplace.
TECHNOLOGY & EDUCATION – Management companies generally have spent many years and thousands of dollars in appropriate systems for the management company. This includes investments in hardware and software
42 | COMMON INTEREST®
technologies, and also the training of staff to ensure they are working in accordance with those laws and regulations. They may have access to technology and computer systems that a self-managed association may not be able to afford. Professional management companies usually have a stream- lined approach to managing associations and generally have policies and procedures already in place to address the myriad of association issues and declaratory and statutory requirements. Professional managers normally undergo training and take continuing education classes to maintain their property management designations achieved over the years. This continuing education endeavor keeps them up to date on new laws and other issues that may affect association living. Many management companies finance or provide continuing education courses that will allow their employees to grow to their fullest potential.
In conclusion, the board will find comfort in having a property manager join their team to alleviate some of the responsibilities they may have been carrying. The manager can help the board simplify projects, can pro-actively work with the board to stay focused on current tasks, and can also assist in planning and budgeting for future projects that may have a substantial financial impact on the association. More importantly, remember your property manager is part of your team, and working together will build a great relationship where many things can be accomplished… yes, even a hat trick or two!
AQUA-GUARD DIFFERENCE!
EXPERIENCE THE
We are a full-service swimming pool management company. Our mission is to and high-quality pool care to our customers.
We realize the burden of daily swimming pool operations. We would like to take the hassle away from you.
CALL FOR A COMPETITIVE BID!
CHRISTOPHER J. STRZALKA P.O. Box 1325, Palatine, IL 60078
CALL: (847) 277-9840
Chris@AquaGuardManagement.com A Publication of CAI-Illinois Chapter
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