Looking for help becoming better in condo management skills? Check out our article for practical advice you can easily apply.
It is estimated that 73.9 million Americans live in a community run by a homeowners association. The HOA is charged with looking after the units and common areas in a property. Yet, do you know just how taxing being a condo manager can be?
If you are just starting, or if you are an experienced manager wanting to improve your skills, we can help. Read on as we discuss how to improve your condo management technique.
Work on Communication
When you manage a condo, you will be dealing with tenants and landlords regularly. For both of these, having open, accessible communication can be a huge bonus.
When you communicate openly with these groups, tasks and processes become much easier to undertake. You will find people respond quickly and ask them to do what you request. In response, they will find their queries are answered in a timely fashion.
In addition, logged communication makes people more accountable. No one can ignore responsibilities or say they did not know about something if records are kept.
One great way to do this is to set up a portal or messenger on your software. By using this as a virtual front desk, people can send messages at any time from any place. This will also make it easier to respond and receive any problems or complaints that may arise.
Stay on Top of Finances
Managing the finances of condos can often seem like you are juggling an awful lot of plates. It should be simple, as money comes into the condo funds from the occupants, and you use it to pay the upkeep and maintenance. However, it is very rarely that simple.
With so many variables in play, managing the finances of a condo can be a real headache. You may have empty condos, meaning the money paid into it fluctuates. This is in addition to the monthly bills that go out and unforeseen maintenance issues that may arise.
As a manager, you need to know incoming and outgoings in case a director asks a question. Keep everything in line by getting quality accounting software. That way, when any board member or director needs an answer, you can quickly pull up financial statements to answer their queries.
Know Your HOA
Not all HOAs are created equal. In fact, the bigger the HOA is, the easier it becomes to manage. This is because more board members have more time to devote to conducting the jobs that need to be done.
When you have a small number of units, you have fewer board members. This means fewer people to deal with pressing issues. Add their own commitments along with voting issues, elections and administration, then being a board member becomes a huge task.
In this instance, it works better for members to hire a third party for help in being a property manager. They may perform tasks such as accounting or dealing with complaints and queries. The HOA can then concentrate on other, more pressing matters.
Get Tech Assistance
Most of the issues faced by condo managers can be made much easier with the assistance of a robust property manager software system. Not only do they aid in smooth communication between managers and tenants, but they also take off the burden of running an HOA. They will also use sophisticated AI to monitor information and provide help in case of emergencies.
For example, our Aquarius software is specifically designed for the security of your condo. It can monitor the license plates and descriptions of offenders on the property, report on mechanical issues and any issues purporting to fire, thefts, and assaults. Subscriptions can be monthly or yearly, allowing you to try the system out for three months to see how you can benefit.
When managing a condo, knowing the possible costs in advance can help you maintain a budget better. One important tip to know is that the size of the HOA covered does not always equate to the price of repairs.
For example, the grounds of a three-story townhouse may cost just as much to maintain as a ten-story apartment block. Similarly, the repairs on a townhouse roof may cost exactly the same to repair as the roof on that ten-floor tower block.
Unfortunately, the smaller homeowners association will have fewer people paying into the pot. This means some maintenance and repairs end up costing more per person. In these instances, it helps to know your costs and keep a contingency fund in case of emergencies or invest in insurance.
Managing Your Time
Managing an HOA takes a lot of time, particularly if it is a smaller one. Therefore, you need to know how much time you and the other board members can dedicate to the task each week. If not, you will find that jobs get neglected or are not completed at all.
This ends up costing more time and money. Get a detailed overview of how much time board members can allocate. If you find you do not have enough time between you, then outsource some of the tasks or recruit more board members.
Effective Condo Management
In summary, effective condo management involves knowing your limitations. Once you do, work out what you can put in place to overcome them, either through software or outsourcing. Do this while managing to improve your communication methods.
Your first stop should be Mycondolink. We aim to streamline condo management with the tools to manage residential communities. Click here to contact us and discuss how we can help your HOA.