A key aspect of condo management is the board’s partners. Having a good property manager is incredibly important to be able to manage all the moving parts in your condo. They can really make or break your time on the board, and your experience of living in your community.

So how do you choose the best property management company for your condo? Here we examine the most important qualities that your new property manager should have.

Structure

Before speaking to property management companies, the board should know what they want. Do you want a company that works all over the state or country? Would you prefer a smaller property management company? Both have their pros and cons. For instance, a large management company will have their fixed service providers which could be useful or stifling. 

You should also discuss what aspects of condo management you’d like the company to be involved in. Should they focus on accounting and budgeting? Would you like them to also be involved in maintenance requests?

Just like when you’re buying a home, the board needs to identify what they truly need and what is a bonus. 

Communication

Communication is at the heart of Vinteum’s mission, and it should be a top priority for every property management company. Having a property manager who is available to answer your questions, and to help you with all aspects of condo management is so important. 

Before hiring them, you should try and talk to them by phone, email, in person, and via chat, if they have it to see how they respond. Do they answer promptly? Are they polite? Are they taking your questions seriously? If they aren’t empathetic and interested during the sales process, then they won’t be when they start working with you.

This communication is closely linked to their customer service, the property manager and the company should be working with and for you. It shouldn’t be a fight to get hold of them.

Qualifications

It’s essential that the property manager that you hire is properly qualified, according to State law. In Florida, a community association manager needs to have a license, and you should check that the condo management company ensures all their property managers are licensed. Outside of Florida, check what qualifications your state requires property managers to have.

You could also check if they’re part of the Community Association Institute, or another body, to see how dedicated they are to their industry. 

Property managers should be up to date with changing laws and regulations in the condo industry. They should also have contacts in the industry, so if you need an attorney or accountant they should be able to recommend one to you.

History

How long the property management company has been involved in condo management is very important. While a new management company may be very good and should go above and beyond to improve and work with you, they may lack experience. A management company that has been in business for longer should have more contacts, knowledge, and know-how. 

Having all this at your disposal may mean an increase in price, but it would be worth it. The other thing to consider is that they may also be able to offer a more comprehensive package. For example, a property management company that can work with residents to create payment plans or waive late fees would have had a massive impact on your community when COVID-19 affected so many people’s finances.

References

When evaluating property management companies, references are important. You need to know what other people think of them and if they’ve even heard of them.

There are a few ways to get references. You could ask the company for a reference from a similar-sized condo. This gives you a good idea of what a community that is like yours thought. You should ask to speak to the reference yourself, don’t accept a written reference as that could be edited. It will also only be full of praise, you should get a better picture by speaking to the reference.

Word of mouth is also a good way to know how other people perceive the company. If they’re a reputable property management company, other condos or property managers should have heard of them. If you don’t personally know anyone in the industry, then look online. Their online reviews on their website, social media, and possibly on forums will give you a good idea of what people think of them.

Online

A condo management company that works online has also become much more important during the pandemic. Suddenly, communities had to be able to talk to residents without coming into contact with them. That means that having a website and portal is much more important than it was in 2019. 

You should definitely ask if the property manager has an online system that they use, or that they recommend implementing. If they do, then you need to know how much the board can use that system. Otherwise, if you already have a website and portal that you love, then you should check that the property manager is willing to use it. An online portal should be shared between the board and property manager so you can both use it to communicate with each other and with residents. 

Vinteum allows you to designate different profiles to board members and property managers so that you can each be in charge of different aspects. This allows for fluid communication, and maintenance requests to be submitted online. In this way, you can manage your condo together.

Offer

It’s dangerous to assume that all condo management companies offer the same services. They will vary wildly based on the size of the company. You should ask the company for a list of the services that they provide and go through it with a fine-toothed comb. If it isn’t similar to the list of requirements that the board made, then they aren’t the company for you.

You should discuss your requirements with the property manager. They may charge more for some services, so you need to be sure that you are getting the best package for your budget.

What your condo will require will depend on the number of units, amenities, and size of the property. You need to find a condo management company that can offer services based on what you need. It can be very tempting to get extra services, but you need to be sure that you need them. You also should check that you can budget that property manager long term. They may offer discounts at first, but you need a long-term partner, as switching property manager is difficult.

Hiring a condo management company can be a tricky endeavor, but hiring the right one for your community is essential. The board should work as a team to interview different candidates. It’s better to go slowly than rush into the wrong decision and regret it later. Good luck in your search!