Property Manager – Northridge
Choosing the Right Manager
Choosing a manager is one of the most important decisions a community association will make. Because managers are closely involved in daily functions and future planning, their performance — or lack thereof — has a major effect on the association’s financial stability and resident satisfaction.
How do you make a strong management match for your association? That’s the question we asked several industry professionals. Consider their collective advice.
Identify your needs. Finding a management company starts with what you want, not with what it can bring to the table, said association consultant Angela Falzone, of ASF Enterprises in Park Ridge.
“Many boards make the mistake of calling five companies, getting five proposals and picking one, possibly based on lower fees, the flowery language of their proposal or the dog-and-pony show during an interview,” she said.
Take time first to determine the level of service desired, said Julie Cramer, a Westmont association resident and a trustee at the national Community Associations Institute.
“Some associations do not want to be burdened with day-to-day operations and want a very comprehensive management package,” she said. “Other boards are very hands-on and may just want basic services such as assessment collection and accounting services.”
Do the research. Find management companies through online search engines and membership directories of trade organizations like the institute’s Illinois chapter and the Association of Condominium, Townhouse and Homeowners Associations. Ask your association’s attorney, accountant and other professionals for referrals.
“Many times, these experts can point a board to management companies with solid reputations and track records,” said certified public accountant Mark Cantey, of Cantey Associates in Wheaton.
Contact nearby associations that are similar to yours and ask residents if they are satisfied with their current management company, said Sara Benson, a Chicago condominium owner and co-author of “Escaping Condo Jail: The Keys to Navigating Risks & Surviving the Perils of the ‘Carefree’ Community Lifestyle.”
Large management companies usually have more resources, facilities and support personnel, but small companies may give more personalized service, said association attorney Marshall Dickler of Dickler, Kahn, Slowikowski & Zavell in Arlington Heights.
Interview the candidates. Meet the person who would manage your association as well as the company owners. They should have a track record of managing your type and size property, Falzone said.
Managers should carry “all the standard insurance that any reputable business would have to protect itself from liability,” Dickler said.
Active involvement in association trade groups “may provide insight that the company is interested in industry education, development and commitment,” Cantey said.
Investigate the candidates. Visit the management office and the properties of present and former clients, Cramer suggested.
Illinois community association managers must be licensed. Verify the status of a license on the Illinois Department of Financial and Professional Regulation website, idfpr.com.
Check the Better Business Bureau for complaints because reviews on Yelp and other websites can be nearly all negative.
“In management, it is very easy to anger a resident,” Falzone said. “Tell them they are late on assessments or their dog messed on the common grounds, or fine them for anything, and you have a Yelp entry.”
Tweak the fine print. The more detailed the contract, the smoother the relationship will flow.
“All parties must have the same understanding of the duties and responsibilities of the management company,” Cramer said.
Get full disclosure of all costs and fees above the monthly management amount to both the association and the residents, Benson said.
The contract also should include an easy exit if things don’t work out. Dickler recommends a 30-day or a 60-day cancellation clause for any reason.
“A management contract is like a prenuptial agreement,” said Benson. “You want to be able to negotiate a graceful exit if necessary.”
ctc-realestate@tribune.com
From: http://www.chicagotribune.com/
Copyright © 2015, Chicago Tribune
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