Share this post
Magnum York Building Management
Hiring a property manager is an extremely important decision. Having the right person overlooking the day to day operations of your property and building should be able to ease the stress that comes along with managing a Condominium Corporation, especially with all the specific rules and laws you need to be aware of on a day to day. This article will help when you are looking to hire condo property managers.
It’s easy to send out proposal requests for a property manager but it’s not always easy to hire the right company. There should be a number of things taken into consideration when hiring the right company for your property, which is what we’re going to be discussing today.
When getting together with fellow board members to decide on the right company and the right person, the proper steps should be taken to ensure that the correct decision is made. Does each Property Management Company meet the qualifications by RECA, are they capable of meeting all the needs that your building requires? We thought it would be important to elucidate you on what are the proper steps to follow, and if you do so, allow you to get the best property manager for your building. With that said, here are the four easy steps it takes to hire the right property manager for you.
Hire Condo Property Managers
What are the 4 steps for hiring condominium property managers? They are Time, Fees, Due Diligence, and Contracts. Read on to learn more:
1. Timely Decisions
An important decision such as this can’t be rushed. The first step that should be made is to decide whether the board has the requisite amount of time to find the right person on their own. Should a committee be made to put together all issues of the complex? Are there any specific questions or a wish list the owners may want to see come of the change of managers? Is the committee in charge of obtaining all proposals before proceeding for approval of the board upon weeding out unqualified applicants?
Once the candidate list has been narrowed down, have the potential hires lay out all of the fees they will be charging (additional expenses such as postage, photocopying, collection fees, administration fees etc.) Obviously, having an idea of what you’re willing to pay and what the potential candidates will be charging are extremely important.
3. Due Diligence
Once you have determined who you feel is best suited to the job as you have defined it, do your due diligence. Ask for references to ensure you’re getting the person you think you are. It sounds simple, but often condo boards will skip this step due to time constraints or apathy. It’s a step that doesn’t have to be time-consuming and will pay serious dividends if done properly. This includes verifying industry licensing and designations.
4. Review the contract
The last step before confirming the company or individual is to review the contract as it has been laid out. The best way to go about this is to have a lawyer go over it to ensure it aligns with what you and the condo board want to see. It may cost a few extra dollars, but this final step will protect your condo from any future incidents you didn’t see coming. It’s important to be protected on all sides and to have a lawyer verify that the contract is in accordance with what you expected will take care of this, and subsequently, the future health of your property.
We hope this helps when you go to hire Condo Property Managers. Find out more about our services in more detail right here.