11AM-3PM | DECEMBER 7, 2017 | CHICAGO CULTURAL CENTER Property
Management is just not a song meant for amateurs; it’s one best sung by professionals.
Were the board members indifferent toward the safety of their fellow unit owners? That’s highly doubtful. Were they experts at exterior balcony railing systems? They were not. What mattered most in the overall equation was the involvement of an independent third party who was properly trained in how to identify and resolve this exact type of issue. A volunteer board can easily get caught up in emotions and political wrangling when dealing with a potentially costly project, while the property manager will stay focused on the facts, the options and the solution.
Even beyond something as serious as a life safety issue, consider the matter of required 22.1 Disclosures. Section 22.1 of The Illinois Condominium Property Act requires that the seller of a unit disclose multiple items upon request of the buyer including providing a copy of the governing documents such as the Declaration, bylaws and rules & regulations. Also required are statements of any liens on the unit, assessment account balance, potential capital expenditures by the board, reserve fund information, pending legal action involving the association and more. The Condominium Act also requires proper reserve funding, which can be a complicated calculation depending on the size of the association and the complexity of the common elements.
If dealing with the items already listed wasn’t enough, professional managers handle issues such as the annual budget planning and preparation process, monthly or quarterly financial statement preparation, delinquent assessment collection efforts, insurance issues, negotiating a myriad of contracts, proper annual filings with the State and assisting with the association’s selection of the optimal attorney and CPA business partners.
It is quite clear that the long term impact of operating a community association without the benefit of a licensed, professional manager can be so much worse than a bad karaoke night with friends singing a song off key. At best, remaining self managed may save a few dimes and perhaps results in fair to poor semi-maintenance of the property. At worst, it creates a miasma of potential liability, costly mistakes or life safety issues. The right professional community manager offers the smooth sound of every note on key and at the right tempo. Property Management is just not a song meant for amateurs; it’s one best sung by professionals.
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