- April 6, 2021
- Posted by: CCM
- Categories: community management, Condo Property Management
Some homeowner and condo associations prefer to self-manage because they have a volunteer board that is ready and willing to do the necessary work to maintain the property to a desirable level. Often, this approach can work nicely for a few years.
However, over time, board members change, commitment levels change, and association policies change. Signs of wear and tear may appear. Financial issues may arise. The DIY approach that was successful in the past may no longer be appropriate.
How do you know when it’s time to consider a professional property management company? Following are the five red flags that will let you know it’s time to think about bringing on professional property management.
Maintenance Issues and Dated Decor
How quickly are maintenance issues being addressed? Is the décor in your common areas following current design trends? Is your landscaping pristine? These are essential issues in attracting new residents as well as keeping established ones.
Professional property management companies are experts in property maintenance and improvement. CCM has long-term relationships with top-notch service providers to ensure that your property is maintained to the highest standards at a competitive price.
Lack of Compliance with Board Policies
Are the association rules being consistently enforced? What happens when a board member’s friend paints her home an unacceptable color?
A professional property management company can take the awkwardness out of these situations. At CCM, our property managers are all highly trained professionals who will politely but firmly address compliance violations. In fact, our property managers use the latest technology to allow photos of violations to be directly uploaded to their computer.
Financial Mismanagement
Are your financial reserves running low? Is your association having trouble paying vendors? Running the finances of a homeowner or condo association can be akin to running the finances of a company. It requires specialized knowledge and training that can go well beyond the skills of a well-intentioned volunteer.
When you work with a professional property management company, you receive the services of an experienced property manager and dedicated in-house accounting team. At CCM, we are experts in ensuring proper budgeting and accounting, and take pride in our financial transparency.
Lack of Board Member Commitment
Do your board members groan at the idea of taking on new projects? Sitting on the board for a homeowner or condo association is a big responsibility. Over time, board member interest can wane due to other commitments. However, the responsibilities continue to pile up.
Hiring a professional property management team is a great way to releive board members of many of the onerous aspects of board membership. The association can delegate day-to-day community management including maintenance, improvements, financial management, compliance, etc., to the property management company. This frees up board members to focus on higher level leadership issues as well as reducing their time burden.
Inefficient Utility Costs
Do you suspect that your association is paying higher utility costs than necessary? When was the last time your community audited its utility costs? Especially now, with the financial hardship many residents are experiencing due to the impact of COVID-19, it’s more important than ever to ensure that your community is receiving the most cost-efficient rates possible.
Since CCM manages properties throughout South Florida, we have access to excellent rates for water, cable, and electric costs. Take advantage of our economies of scale to ease the financial burden on your residents.
If your condo or homeowner association is experiencing any of these red flags, call CCM at 954-718-9903 to learn how we can help you reverse course and get on the right track to successful property management.
Consolidated Community Management (CCM) is a full-service property management company specializing in condominium and homeowner association management in Broward and southern Palm Beach Counties. We are committed to working together with community Boards of Directors to develop management plans tailored to the unique requirements of each community and their residents.
CCM provides a quality of service that is unique to our industry and consistently delivers a distinct competitive advantage. Our concentrated, extensive local presence and knowledge of community associations results in lasting partnerships and superior service. We have built our industry reputation on employing the best in the business and assigning only a limited number of properties to each Property Manager Team.
Our team at Consolidated Community Management provides expert property management services at competitive prices. Contact us today by calling (954) 718-9903 for Broward, (561) 465-7639 for Boynton Beach, or clicking on ccmfla.com.