Who’s keeping you out of trouble when it comes to condo association property management? What kind of trouble? Here’s just a few:
- Shortages in the reserve fund
- Lawsuits due to misinterpretation of the CRRs or perceived discrimination when rules are applied
- Non-collected monthly fees or assessments
- Maintenance issues that can lead to lawsuits for injury or large assessments for repairs due to neglect
- Loss of value due to lack of financial stability
The list goes on and on….
What to look for in condo association property management
When reviewing condo association property management there are specific things you should be looking at. Smart shoppers in Houston start with companies like RISE; this is a one stop approach that specializes in nothing but condo association property management has all the services you need under one roof. It’s a whole new model of condo association property management.
Shortages in the reserve funds are the result of not planning in most cases. First thing a top of the line condo association property management company does is completes a reserve fund study. You must know the status of your critical infrastructure to plan. Companies like RISE look at your property both physically and fiscally to create a road map for the future.
A great legal team, versed in CRR’s is essential to keeping you out of court or at minimum winning in court. Most condo association property management require you to keep an additional lawyer on retainer; at RISE, the legal experts are on staff and well versed in condo CRRs; from interpretation to defending them and applying them evenly to keep you out of court.
Uncollected dues and assessments can literally put any property into ruin. The condo association property management company must provide an easy process for owners and tenants to pay or access reconciled accounts with minimal notice. There also must be an avenue that makes those processes and the consequences of delinquency clear. Companies like RISE in Houston have systems to put in place that are tested and work. Limited delinquencies and assessments help to boost financial stability.
Finally, condo association property management should provide not just daily maintenance, but long-term maintenance and planned improvement projects, that include upgrades to critical infrastructure within the common areas. When companies like RISE come in, they identify a timeline for all critical infrastructure and a plan for replacement or major repairs. They also provide daily maintenance as needed to keep your property free of risk that are just part of everyday living.