We’re all adults, and we all understand the need for rules, following the rules and accepting the consequences, but sometimes a condo management company with limited experience and structure becomes a predator in the eyes of the owner/tenant and worse yet, in the eyes of the buying community and their behavior can hurt your property values.
Who makes the rules, the condo managment company?
A good condo management company knows that every condominium community has a set of CRRs that provide the basic guidelines for governing the community. It is the job of the condo management company to:
- Interpret governing documents
- Apply rules unbiased across the residents
- Provide access to rules/consequences for residents
Unequal application can result in unhappy residents who will accuse the condo management company and the board of bias. The old one person tells 10, who each tell 10 and you can easily see how the predatory title can get started.
Is it just the rules from the condo management company that effect values?
Condo management companies can get the predatory title by not having a structure for their financial practices including collection of monthly fees. In the CRRs, there should be wording that tells tenants their rights. Good condo management companies go a step further than telling you to check your CRRs for information on collections; they provide clear communication of:
- When monthly fees are due
- What the penalty is for late payment
- The results of terminally delinquent accounts, such as liens against your property, etc.
- Communication of budget including reserve funds and special assessments
Condo management companies like RISE do rise to the top when it comes to this type of service, as they only deal with condominium management, and they have amassed expertise in all areas of condominium management instead of having one person try to wear all the hats and have all the knowledge; lawyers are interpreting the documents, financial people are providing a clear and concise look at the finances of your property, maintenance professionals are accessing risk and management people are making sure you, the resident are always in the loop and treated fairly.
Interested in protecting your community from a predatory condo management company?
There are numerous condo management company models out there, but none has the complete package like RISE in Houston. Never a predator, always a partner and always watching out for your property values. Interested in seeing how a condo management association can help you sustain and even increase the value of your property, explore RISE by visiting www.riseamg.com or request a quote by contacting RISE at (713) 936-9200 or [email protected]. Condominium management that increases your value and living experience daily.