What is a Custom Property Management Plan?
You may hear us say often in our posts that we work with our clients to build a custom property management plan, but what does that mean? Let’s break it down!
As a Condominium Corporation, your needs are completely unique to you. Between your bylaws, Condominium Board, and type of community that you are a part of, it will look different from anyone else.
How Bylaws Affect Your Property Management Plan?
During the development stage of building your condominium corporation, the developers produced your bylaws. This is a document that describe the rules that govern the condominium corporation. These rules delegate the responsibilities between the corporation and the owners. They set all expectations and make all disclosures on how the corporation is to be run.
When a corporation hires a property management team like Key Investment Property Management, the Board decides what responsibilities they would like our team to manage. They will decide which responsibilities the corporation has (according to their bylaws), that they would like to assign to their Property Managers. Most Condominium Boards make the decisions for the corporation and give the directives to their property management team to implement.
How the Condominium Board affects your Property Management Plan?
The individuals that sit on your Condominium Board can affect a lot of factors in your Condominium Corporation. We are big promotors of making educated decisions on your selection of Board members. Being a Board Member is a huge responsibility and can become overwhelming at times. Their decisions make a huge difference in how your Condominium Community functions.
If a Board consists of individuals who have applicable skills and willingness, they can not only save your community money, but they also make decisions that are educated and informed. For example, great success can be found financially if a Board can elect a business person or bookkeeper as their treasurer. That is why your condominium board can affect what services you require from our property management team. If you have an in-house bookkeeper, you may just prefer to keep those responsibilities in the hands of your Board Member!
On the other hand, if your Board merely wants to hand over all Administrative and Bookkeeping responsibilities to our team because they want our seasoned professionals to handle them, we are happy to offer that service to you as well!
How Does the Type of Community Affect Your Property Management Plan?
We work with a large variety of condominium communities, and inevitably, the needs look different. Let’s look at a retirement community for example, they may be more prone to a full service plan with Maintenance and Administration included for as little hands on management as possible. Whereas a community of families that are interested in a more economical plan, may opt to hire the professionals for only those things that are more complicated in a condominium community.
What Does This Mean for Your Community?
This means that we will work hand in hand with you to evaluate the needs of your community, build a customized plan, and implement the plan to ensure that your needs are met with excellence. It all starts with your obligation free inquiry.