FIRST HIRE

How do we decide on a property manager?

Q. We are faced with choosing our first property manager for our new condo. We need some advice before we proceed. A. Property managers can be the key to maintaining good property standards.

Determine how large a manager’s current portfolio is and check the references they provide. Do they possess an RCM certificate? This is achieved by completing Condominium Management and Administration courses.

Carefully review the management agreement. Does it provide all the necessary services? Are there any hidden costs? Avoid any contract that transfers the decision-making authority from the board to the management. The board is responsible for making any final decisions, then the manager carries out those decisions.

To avoid surprises, have a condominium lawyer review the contract. Most contain a 60-day no-cause termination clause so the board can end the contract if they are not satisfied.

Communication is imperative. The most-cited reason for a breakdown in manager/board relations is a manager’s perceived non-responsiveness. They should agree on the method of response.

The manager must function well under pressure and go the extra mile to find a solution for owner complaints and director requests.

Each condominium has its own set of bylaws, declarations, rules and regulations. How knowledgeable is this person about the Condominium Act? Terms such as common areas, common expenses, bylaws, declarations, status certificates must be clearly understood.

A really proficient manager can potentially improve the market value of your property.