How Condo Associations Find the Best Property Managers

Years ago, there was a company with the tagline, “An educated consumer is our best customer;” that saying holds true for any condo associating looking for the best property management company.

Every condo association seeks for the best partner to help you maintain your property, as well as maintaining or increasing the value of your property. Here are the three most important things to look for in a Property Management company.

1. Accountability

The most important attribute for a property management company is their accountability. They are the “front line” when it comes to overseeing a property and its maintenance. This means that they do the work – or hire others to do work – and make sure the work is done on time and on budget. If there are any issues or questions that arise, they are the ones to handle them.

One great example of this is the “Help Desk” at Fairman & Associates. If there’s an issue at any of the properties, the property owner or tenant can call in and the issue is addressed quickly. If work needs to be done, a ticket is created. The program manager for the property is alerted to the issue and follows up to be sure the problem is addressed and fixed.

At all times, the property manager is acting on behalf of the owner (or owners, for condo associations). They look out for – and act – in the owners’ best interests. This includes ensuring that the work is done well, by insured vendors.

Program managers also go above and beyond the everyday oversight by planning ahead. The best property managers create annual plans, including preventative maintenance and expected capital expenditures. Your property manager should be mindful of your association’s spending and cash flow, so that you have reserves in place for planned capital expenditures. Be sure to ask about this when shopping for your next property management firm.

2. Reporting

In addition to being “the eyes and ears” for the condo association, a property manager creates reports for the association. These reports keep track of the important discussions around ongoing prevention, maintenance, and one-time projects. It’s not enough to be able to speak to your program manager; it’s critical that they keep records for the association. These can come in handy when there are discussions around insurance and reserve accounts.

What are some examples of reports? They include Income and Expense Reporting, to see where the association stands fiscally; Delinquency Reports, which show who is not paying their dues to the association; and Bank Reports, showing the financial position and movement of the association’s funds.

Is your current property manager providing you with an annual budget? Is your condo association aware of its duties and obligations toward the members with regard to property management? Many aspects of property management involve paperwork, even in today’s digital age. Be sure that your association is getting the reporting it needs to function properly and efficiently.

3. Credibility

Finally, but perhaps most critically, is your property manager’s reputation and credibility. How long have they been active in the area? Do they have a solid reputation? Are they listed with the Better Business Bureau? Are there references available, so you can speak with one of their current or previous customers?

It’s important to rely on your property manager to ensure that your association is in compliance with all necessary regulations, including maintenance of property documents, insurance administration, code compliance, and coordination of the Annual Meeting.

And in today’s day and age of cybercrimes and cybersecurity, it’s more important than ever to be sure that you’re dealing with reputable property management. Fairman & Associates was founded in 1992 and currently manages 37 properties in the Fort Lauderdale and Boca Raton areas, focusing on the eastern area of south Florida. That includes oversight of over 700 tenant units and 1.7 million square feet of property.  

If your association is looking for leader in property management companies in south florida, call us today!