What Services Should Be Included in the Property Management Fee?

Condo association management companies offer a range of services, and while the details will vary from company to company, there are some common services most property management companies in Chicago should include in their fees.

That said, it’s important to review the contract and fine print of any agreement before committing to a company. Your condo board should know exactly what is (and isn’t) included in an association management company’s property management fee before voting to approve the contract. 

Common Services Typically Included in a Property Management Fee

The services included in a property management fee for a Chicago condo association management company can vary depending on the specific needs of the property and the agreement between the management company and the association, however, common services include the following:

●  Financial management: Your association management company will handle collecting monthly fees and special assessments, paying bills, maintaining financial records, and preparing financial reports.

●  Maintenance and repairs: Routine maintenance tasks may be handled as part of your property management fee. When the task is too great for the management company, they may solicit bids for maintenance services, coordinate repairs with contractors and oversee major renovation projects.

●  Communication and administration: Communication is a big part of an association management company’s responsibilities. This includes communicating with owners and board members, responding to requests, enforcing rules and regulations, and managing association documents and records.

●  Vendor management: The management company should manage relationships with vendors, negotiate contracts, and ensure that vendors are licensed and insured.

●  Compliance: Remaining in compliance with all local, state, and federal laws and regulations is a must for Chicago condo associations. An experienced condo management company can help associations do just that. This includes staying up-to-date with energy benchmarking requirements.

●  Emergency services: This includes 24/7 services to handle emergencies such as fire, flood, or severe weather.

These and many other services offered by a condo association management company should suit the needs of your association. Be sure to carefully review the management contract to understand exactly what is included in the property management fee before picking your property management partner.

For help with all aspects of running your Chicago condo association, please get in touch with us at First Community Management to learn more about our full-service program and ask your questions about association and property management.