A part of a property management company’s job is to periodically evaluate the overall health of the buildings it manages. Here are some of the building-wide initiatives we’re in the midst of this year—we think all buildings could benefit from looking into these at some point.
1. Generate a building assessment to identify potential deferred maintenance projects for the building.
All of our buildings will be inspected this year. Moving forward, we are trying to conduct a property inspection each year and our software system has a function that enables the property manager to take photos and add notes to generate the inspection report that ultimately goes to the association board. From there, the board can make plans about how to tackle the necessary maintenance.
2. Have an attorney conduct a review of the governing documents to ensure compliance with current condo law.
We are currently in the process of gathering bulk rate pricing for this task. Some of our buildings have rules and regulations that have not been updated since the 1980s, so they can definitely benefit from a clean up and modernization of their documents.
3. Conduct a financial audit of past year expenses to ensure the best possible rates.
We are also trying to consolidate our maintenance services (carpet cleaning, window washing, plumbing/rodding, HVAC cleaning, landscaping, snow removal, janitorial services, pest control), in order to negotiate rates for our properties. This will also help with being a priority with the vendor, so if any emergency situations arise, we can reach out to our main contact, who will address any issue as soon as possible.
Have a question about one of these initiatives? Reach out to us to find out more!