If you live in a condo you likely have a property management company that oversees the day to day management of your building. You also have a Board of Directors that oversees the management company. But who looks after what and how does it really operate on a day to day basis?
- Bylaws & Rules:
- The Board sets and approves bylaws and rules while taking recommendations from the management company.
- Rule Enforcement:
- Property management will carry out the enforcement based on the Board’s authorization.
- The management company prepares the budget and provides recommendations to the Board. The Board identifies upcoming expenditures then reviews and approves the budget.
- Maintenance & Repairs:
- The management company obtains quotes, prepares analysis, provides recommendations, monitors performance and reports to the Board upon completion. The Board approves the quotes and the work to be done.
- Property management takes immediate action and reports to the Board. The Board obtains the report and makes decisions as required.
- Financial Reporting:
- The management company prepares monthly financial statements and distributes them to the board. The Board reviews and approves the statements.
- Relationship with Owners & Residents:
- Owners and residents contact the management company with any concerns or questions. The Board receives the questions or concerts from property management and answers or makes decisions as needed. Property management will relay the information back to the owners and residents.
If you live in a condominium you are part of a community and that community ......