If you’re a condo owner or board member, you know how important it is to have a reliable and efficient property management company. An exceptional management company can make all the difference when it comes to maintaining the value of your investment, improving the quality of life for residents, and ensuring that all aspects of the building are well-managed. However, not all management companies are created equal, and it’s important to evaluate your current provider regularly to ensure that they’re meeting your needs and expectations.

Here are 6 core competencies with important questions to ask yourself, to help you evaluate your current condo management company.

1. COMMUNICATION

An effective condo management company should be able to effectively communicate with residents, board members, contractors, and other stakeholders. Information should be clear, concise, and timely.

QUESTIONS TO ASK

Does the management company respond to inquiries in a timely manner?
Are they transparent and easy to reach? Are they responsive to residents’ needs and concerns?

2. FINANCIAL MANAGEMENT

Solid financial management is essential for the success of all condo corporations. Financials should be well-organized, accurate, up-to-date, and accessible to the condo board.

QUESTIONS TO ASK
Are the financial statements easy to understand?
Are the reports accurate and transparent?
Does the management company keep the condo corporation informed about any potential financial risks or concerns?

3. MAINTENANCE AND REPAIRS

All condo buildings and townhomes require ongoing maintenance and special repairs.  It’s important that all maintenance and repairs are clearly communicated, organized, and the work is completed in a timely and cost-effective manner.

QUESTIONS TO ASK
Does the management company have a good track record of completing maintenance and repair projects in a timely and professional manner?
Do they have a clear process in place for handling emergencies and unexpected repairs?

4. VENDOR AND CONTRACTOR MANAGEMENT

One of the main duties of your condo management company is to able to effectively manage and oversee vendors and contractors to ensure that they are providing quality and timely services at a fair price.

QUESTIONS TO ASK
Does the management company have a rigorous process in place for selecting and evaluating vendors and contractors?
Do they have a clear and transparent bidding process?

5. COMMUNITY ENGAGEMENT

An exceptional management company is proactive in engaging with the concerns and feedback of residents and also, helps build a sense of community within the building.

QUESTIONS TO ASK
Does the management company regularly engage with residents and provide opportunities for residents to voice their opinions and concerns?
Are they proactive in promoting community events and activities?

6. TECHNICAL PROFICIENCY

Managing a condo corporation is a complex responsibility and your management company should have the technical expertise necessary to effectively manage the building’s systems and infrastructure.

QUESTIONS TO ASK
Does the management company have a strong understanding of building systems and infrastructure?
Do they have the technical expertise necessary to manage these systems effectively?

By taking the time to evaluate your current condo management company, you can determine whether they’re meeting your needs and expectations and make any necessary changes. If you’re not satisfied with your current provider, it may be time to consider making a change. By selecting a management company that is committed to providing quality service and maintaining the value of your investment, you can ensure that your building is well-managed and your residents are satisfied.

If you feel like your existing condo management company isn’t providing you with the level of service you deserve, we would love to hear from you. Feel free to contact us or request a free proposal.