Condo management is the overseeing of day-to-day operations, working with the board of directors, condo owners, maintenance and administration of a condominium property. It involves taking care of the common areas, managing finances and making sure that the community runs smoothly.
Our condominium property management services at Avenue Home Realty include; collecting and managing operating and reserve funds in trust on behalf of the corporation, contract negotiations, risk management/insurance administration, monthly financials, special assessments, progress reports, maintenance schedules, board meetings and AGMs, detailed management reports, managing managing owner’s concerns and owner’s statements.
How are Management Fees Structured?
Condo fees are the cost of the services provided by the condo management company, grouped with certain expenses. They are typically structured as a percentage of the monthly income generated by the community and can vary depending on the services provided.
The services provided by a condo management company can include maintenance and repair of common areas, collecting monthly fees from residents, managing budgets, dealing with legal issues, and providing a communication channel between residents and the condo board.
The exact amount of the management fee can vary depending on the services provided and the size of the community. For example, a larger condo property with more amenities may require a higher management fee to cover the costs of maintenance and repair.
Optimizing Budgets and Financial Transparency
Condominium managers optimize budgets and ensure that financial transparency is maintained. Management should allocate reserve funds and operating expenses carefully. This includes setting aside a portion of the budget for future maintenance and repair of the common areas. It’s also important to review and adjust expenses as needed.
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Communication and Availability
Effective communication with the management is essential for ensuring that everyone is on the same page. Residents should have access to the management’s contact information and be able to get answers to their questions and concerns in a timely manner.
Getting the Best Price for Residents and Board Members
Screening vendors and service providers is also an important aspect of condo management. This involves evaluating and comparing quotes from different companies to make sure that you are getting the best possible prices for the services you need. Avenue Home Realty has a number of preferred vendors to ensure we can provide competitive quotes on a number of different services.
In conclusion, condo management is a complex task that requires attention to detail, effective communication and careful budgeting. By taking the time to understand what it involves, you can ensure that your community runs smoothly and everyone is happy with the results.