Managing a condo association is a full-time job, and as a volunteer on your association’s board, it may not be one you can also take on. That’s where an association management company comes in.
Not only can an experienced property management company relieve the burden of handling the day-to-day management responsibilities, but it can also improve many aspects of your association, such as improving the efficiency of your maintenance processes, assisting with financial management and more. Hiring an association management company also frees up time for your board to focus on larger association initiatives.
As you search for a new property management company for your Chicago condo association, be sure to ask these questions.
● What’s your experience managing condo associations? How many properties in Chicago do you currently manage?
● In what ways do you partner with a condo association’s board of directors?
● How do you respond to emergencies?
● In what ways do you assist with maintenance services and projects?
● What financial management services do you provide?
● What other services do you offer? (If they offer a la carte services, be sure to understand how the fees vary among them and compare those fees to a full-service alternative.)
● Do you have any preferred vendors that you partner with?
● Ask them to discuss their fee structure and detail any additional charges that may be incurred.
● Ask them to explain their understanding of Illinois state laws regarding condominiums, specifically the Illinois Condominium Property Act.
● Ask for a list of references (and be sure to contact them).
Before hiring an association management company for your Chicago condo community, you want to ensure that their services align with your needs. The more questions you ask, the better you can assess fit. To learn more about the full suite of services we offer our clients in Chicago, please get in touch with us at First Community Management today.