With such a wide variety of Condominium Management Firms on the market, finding the right fit for your community can be tricky. Currently, many smaller condo communities are having a difficult time getting service due to a high volume of communities compared to available Condominium Managers, so it’s more important than ever to know how to find the perfect partnership.
The First Steps
Before you start looking for a new Condominium Management Firm, it’s essential to begin at home. There are two things you should do before hiring.
1. Assess Your Condo’s Needs
To know the type of service you require from a Condominium Management Firm, you first need to know what your community needs to continue running smoothly.
Does your condo board require monthly meetings? Do you need somebody onsite 5 days a week? Depending on the type of building, the number of residents, and the location, these answers will vary. A high-rise in the heart of a city has much different needs than a suburban mid-rise. It’s important to make a realistic assessment before getting started.
2. Communicate with Your Community
Many condo corporations operate under the assumption that owners want to keep costs at a minimum above all else. But depending on the community, the proportion of investors to residents, and many other factors, we’re finding more and more that this isn’t necessarily true. Many owners would rather pay a little more in fees to ensure better conditions.
Our experience has led to the understanding that owners value a well-organized, well-managed community above all else. With this in mind, the best way to figure out your community’s opinions on the matter is simple - ask your neighbours. By listening to what they have to say, you’ll get a much better vision of what it is your owners and residents want, what they think can be done better, and what’s most important to them.
Do Your Research
Now that you have a clear idea of what you’re looking for in a Condominium Management Firm to meet the needs of your community, it’s time to start searching. With such a variety of firms available, there are many things to assess before deciding to hire somebody.
1. Consider their experience
Is this Firm familiar with your specific type of building? Somebody well-versed in high-rise communities doesn’t necessarily have the skill set to manage a townhome community, and vice-versa. If your building is mixed residential and commercial, has shared facilities, or has a very large population, you may require more specific experience.
2. Make sure they have the capacity
As many Condominium Management Firms prioritize their biggest clients through necessity, many smaller condo corporations slip through the cracks and wind up under-managed as a consequence. Make sure you select a firm that has the time and resources to give your community the attention it deserves.
3. Check that they’re proficient in online services
More and more, the capability to utilize online systems is becoming an essential skill in Condominium Management Firms. Between forms, billing, and communication, it’s important to hire somebody who can provide modern service to your community.
4. Look to the future
In this industry, the only way to increase the number of competent Condominium Managers is by creating them. Ask your prospective Firms what their company culture values, whether or not they encourage further education and training, and how they support employees seeking to develop their skills.
5. Make sure the price is right
Keep in mind the familiar advice - you get what you pay for. When it comes to hiring a competent Condominium Management Firm, we advise against choosing the firm with the lowest price. More often than not, the lowest price for services indicates the lowest quality, and your community will struggle under poor management, and it’s not worth saving a few dollars.
Instead, narrow your choices down with the criteria above, and choose the better price out of your reliable options. This way, you make sure your needs are still met fully, without breaking the bank.
Finding the right Firm can be a challenge, but by following these steps, you can easily find the perfect match for your community’s needs.
