We answer questions every day by prospective buyers and current owners of condominium units about what to look for in a property management company and any pitfalls to avoid. Our answers to those questions are to know what you are getting into or already part of. This makes the management operations of the association critical to its success, your enjoyment,and its valuation when you are ready to sell.
Administrative services
We can break down the management operations into three distinct areas:
Let’s talk about administrative services. Whether a four-unit property, a forty-unit property or a four-hundred-unit property, the administrative services are the same and require equal commitment. Its starts with an understanding of the current condominium laws for Louisiana and a complete knowledge of your own condominium declarations, by-laws and rules and regulations. And after such knowledge, enforcement of such in anequal treatment of all owners. In many cases, this is where condominium associations seek third party management as the ability to govern your neighbors’ actions place an uncomfortable burden upon a few owners.
WHat to look for in administrative services
Other administrative services that are needed, such as record keeping, maintaining the association files, organizing meetings, recording meeting minutes, maintaining contracts and warranty records, and the ability to be responsive to all owners when requests for documents are presented. These tasks are ones that most could perform, but what about the time.
Time vs cost
It is the time commitment that makes owners reach out to thirdparty management to assume this role and responsibility. The costs for management out weigh the personal time that owners would have to commit to this effort. Administrative services are just one of three parts to a condominium association, and each are equally important to understand for your purchase into a condominium association or the continued management of the association you already have purchased into.
Keep following Certain Management to learn more about what you need to know about condominium associations in the Greater New Orleans area.
