How can boards avoid spikes in planned condo expenses set out in reserve fund studies

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Avoiding spikes in condo expenses

How can boards avoid spikes in planned condo expenses set out in reserve fund studies?

The trick to creating a good reserve fund study is to include elements of both engineering and financial planning. The plan must be able to cover all of the necessary repairs and replacements that will come up, but must also be realistic and easy to follow.

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What Does It Take to Become a Great Property Manager

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What Does It Take to Become a Great Property Manager

Becoming a great condominium property manager requires a combination of skills, qualities, and knowledge. Here are some key factors:

  1. Strong Communication Skills: Effective communication is essential for building positive relationships with both condominium owners and residents. Property managers need to be able to communicate clearly, diplomatically, and empathetically, whether it's resolving conflicts, providing updates, or conveying important information.
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Essential Questions When Considering, Interviewing and when Hiring a Condo Management Company

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Essential Questions When Considering, Interviewing and when Hiring a Condo Management Company

 

The Condo Chronicle

Brilliant Property Management. Your Source for Condominium Living News and Insights.

May 2024 Edition

By Timothy Chase

 

Absolutely, having a standardized evaluation process is crucial when selecting a condo management company to ensure they meet your community's unique needs and requirements. Here's a concise checklist to consider during the evaluation process:

  1. Experience and Expertise: How long has the company been in business, and what experience do they have in managing condominium communities similar to yours?
  2. Services Offered: What specific services does the company provide, and do they align with your community's needs? This may include financial management, administrative support, maintenance, and resident communication.
  3. References and Reputation: Can the company provide references from past or current clients? What is their reputation like within the industry and among other condominium communities?
  4. Communication Practices: How does the company communicate with clients and residents? Are they responsive and transparent in their communication channels.
  5. Financial Management: What processes does the company have in place for financial management, including budgeting, accounting, and fee collection?

 

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