What Condo Association Management Companies Do
Posted on: 31 January 2023
A condo association management company is a professional service that helps condominium associations effectively manage their properties and communities. The following are some of the key responsibilities of a condo association management company.
Maintenance and Repairs
One of the main responsibilities of a condo association management company is to oversee the maintenance and repairs of the common areas and shared facilities of the condominium complex.
This can include ensuring that the building is properly maintained, that the grounds are kept in good condition, and that any necessary repairs are made in a timely manner. A management company may also contract with third-party vendors for services such as landscaping, snow removal, and pest control.
A condo association management company also manages the financial aspects of the condominium association.
The management company can take care of collecting monthly association fees, paying bills, preparing budgets, and providing financial reports to the association's board of directors. The company may also assist with the management of reserves and investments.
Communication and Administration
A condo association management company plays an important role in communicating with residents and administering the day-to-day operations of the condominium association.
The company takes care of responding to resident inquiries and complaints, communicating with the board of directors, and managing the association's records and documents. Usually, the company assists with organizing and conducting board meetings and providing support for the board in the decision-making process as well.
Enforcement of Rules and Regulations
The responsibility for enforcing the rules and regulations of the condominium association falls to the association's management company. The company ensures that residents are following the association's bylaws and rules, and takes appropriate action when violations occur.
In certain cases, a management company may also assist with the development and revision of association rules and regulations. Some companies have an attorney on staff who can consult with association board members when developing bylaws. Even if they don't, the management employees can share what other associations have done.
A condo association management company may also assist with legal matters related to the condominium association. This can include providing support in the event of disputes or legal action, and ensuring that the association is in compliance with state and federal laws.
Management companies often have their own attorneys, or have retainer agreements with outside attorneys, for these purposes. These attorneys may be the same as those that advise on bylaws, or they might only focus on defending the association.Share