Managing a building can be difficult. And the larger the building, the more complex things can become. But even the smallest property has a list of day-to-day tasks and operations that are necessary for a cohesive, happy, and healthy living environment.
Because homeowners associations (HOAs) are often made up of volunteer condo owners, it is easy for them to become overwhelmed by these tasks and require the support of a competent property management company. When a property management company takes over building operations, the HOA and its members are free to focus on their most important tasks: governing and supporting condo owners.
From financial planning to customer service and property maintenance, much of the work performed by a property management company takes place behind the scenes, out of the view of condo owners.
To help you better understand the role that a property manager can play in your condo community, here’s a look at what the team at Hales Property Management does each day to ensure properties thrive.
What Our Property Managers Do
Provide a Communication Channel for Condo Owners
Our property managers serve as the primary point of contact for condo owners in the building.
We handle all questions and concerns, including emergencies. This often means dozens of calls, emails, and voicemail messages that we need to shift through, address, and prioritize.
- Communications we manage include:
- Account queries
- Complaint submissions
- Ledger questions
- Contact requests
- Service requests
- Scheduling
- Sales/rentals/moves/delivery requests
- Emergency service requests
Financial Management
One major task undertaken by property managers is the building’s annual budget.
We work diligently with the HOA to create and maintain a comprehensive budget that covers all the association’s expenses, from maintenance to reserve funds.
However, property managers do much more than just solidify the building’s annual budget.
Our team tackles project financing, the collection of assessment fees, invoice review and processing, Association and Owner ledger audits, the compilation of financial statements, reimbursements, the preparation of tax returns, account reconciliations, and so much more.
Transparent financial reporting is not just about providing numbers; it’s about empowering condo owners with insights into their community’s financial well-being.
While fraud in condo association boards is rare, it can happen. Property managers aim to build trust by ensuring that every dollar is accounted for and that residents can make informed decisions about their association fees.
Maintenance and Repairs
Our property managers are not simply reactive, they are proactive. We can evaluate and anticipate the needs of building years in advance. We also have good working relationships with trustworthy and reliable vendors, which means we can address all maintenance or repair issues quickly and easily.
As a well-established property management company, vendors want to work with us. This means that we do not have to go hunting for the right support. We simply put out a Request for Proposals and wait for the pitches to come in. We leverage our vendor network to secure competitive pricing and deliver cost-effective solutions that benefit the entire condo community.
Our understanding of your specific building allows us to schedule routine maintenance before the concern escalates. And our keen eye for detail lends itself perfectly to the maintenance of landscaping and the property’s aesthetic appeal and functionality.
Manage Legal Issues and Compliance
Property managers continuously monitor changes in local laws and regulations, including those affecting landlords, proactively adapting condo association policies to remain compliant. This diligent approach minimizes legal risks and helps maintain a condominium community that operates within the bounds of the law.
The Illinois Condo Law and the HOA governing documents are upheld and enforced all the time without people even realizing it. It is our job to help the building remain compliant.
Property managers maintain and update essential association documents, contracts, and records to ensure the HOA has everything it needs for compliance or to respond to an audit or investigation.
Trust Your Condo Community to Our Expertise
The true scope of work performed by a property manager is largely unseen. While things like landscaping and the annual budget may be obvious, much of the role is not. Nonetheless, property managers are key in supporting the HOA and the condo community as a whole.
At Hales Property Management, we tackle our diverse responsibilities with pride, allowing you to enjoy the benefits of a well-run community.
If you’re considering property management services for your homeowners association, don’t hesitate to contact us for expert guidance and dedicated support!
