When it comes to managing condominiums, there are several areas where every manager could improve. Also, novices should have a chance to learn the easy way about various homeowners association management techniques before getting caught up in rookie mistakes and having to learn the hard way. Condominium association management is not easy; however, it will be much easier with these five pieces of information that every condominium manager should know that are listed below.
First, it’s important to reduce as much liability as possible in as many areas as possible. Liability is a naughty word when it comes to condominium management. So the next time a contractor is hired to do any job on the property, it’s a good idea to reduce liability for any negligence on behalf of the contractor by giving as little direction as possible. Little amount of interaction between the manager and the contractor is best. That way, any issues that may arise will not be blamed on the manager but rather the contractor.
When it comes to negotiation tactics with the contractor in question, it’s important to negotiate hard. After all, the association deserves to be protected from unscrupulous contractors regarding payment and outcome of services. That’s why it’s important to get a bond and insist upon progress payments. Those who pay before services are rendered are those who will end up with a splitting headache as they try to get the services they already paid for taken care of.
Something that seems very straightforward and relatively simple is the contract. Simply put – read it. Those who do not read the contract for anything having to do with the condominium association are those who are putting the association at risk. Contracts are designed to clear up miscommunications; however, if they are not read in depth before the agreement is settled upon, a condominium association could end up in a whole world of trouble.
It’s important to use the contract for whatever services the condominium association is in need of to demand favorable contract terms. These legal documents can be used not only to protect people from unfortunate situations but also to demand favorable terms. It’s a very useful negotiation tool so use it to negotiate.
Remember also that it’s a buyer’s market. This means everything that can be done should be done in order to make the condominium attractive. The customer is always right – mostly because there’s always another complex that will stand by that sentiment. Remember that anyone can catch more bees with honey than with vinegar and the same is true for increasing occupancy in a condominium complex.