Condominium Property Management
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Condominiums and townhouses are a collection of units within a building. There are normally several buildings containing these units within the condominium community. The owners of each individual unit within the community share the costs and maintenance for the land as well as for each of the buildings. This is why each owner pays a monthly fee, known as an assessment, to their company.
The condominium property management service is a business that is hired by the community to oversee the maintenance, cleanliness, safety, and overall wellbeing of the area. The condominium property management company often provides their services for many condominium associations at once, since they are able to outsource the majority of their services.
The assessment paid to the condominium property management firm normally is made up of two different components- utilities and maintenance. The utilities usually include the costs for sewer, water and light, and trash pickup. Maintenance includes the upkeep and repair of all of the common ground and the exterior of the buildings.
There is usually a water meter outside of each building, instead of each individual unit. Therefore it is impossible to tell how much water each particular condo uses. It is also impossible to tell which owners using the trash service have paid their bill in full and which owners are freeloading. And of course the private streetlights are advantageous to everyone in the area, not just a particular condo. Therefore, the condominium property management company pays the bill for the sewer, water and light, and trash for the entire community out of everyones assessment fees. Condo owners like this arrangement because it is a few less bills they must be concerned about. Utility companies like it because they are paid in a timely manner. It works out well for everyone!
Another instance when condo owners are grateful that the company is responsible for these utilities is in the case of a waterline break or a sewage backup that occurs in the common ground. The condominium property management service is burdened with arranging for the plumber, whether it is day or night. And the condominium property management company is also responsible for paying for the repairs from the maintenance fund. Again, one less headache for a homeowner!
The condominium property management company takes care of all of the lawn care for the common areas including the grass, bushes, flowerbeds, and trees. They also maintain any swimming pools, playground equipment, and parks. Plus, the condominium property management firm is responsible for the exterior painting of the buildings, as well as the repair, replacement and care for roofs, gutters, down spouts and exterior building surfaces. They supervise any repair and replacement of driveways, sidewalks, and private streets. And in the wintertime the condominium property management is responsible for snow removal, as well as spreading salt on icy surfaces.
A condominium property management company stays busy all year long taking care of the maintenance of a condo community, using money from the homeowners monthly assessment fees. All unit owners receive a copy of the community assessment budget each year so everyone knows how their money is being spent. The condominium property management company is usually required by association bylaws to have a meeting for all homeowners to attend and vote on particular issues. And if the condominium property management company is not living up to the community standards, then they are always replaceable!
Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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