Before you join a condo association …
Know exactly what you’re getting into as a board member
Property managers have a generally good idea of what to expect on a day-to-day basis with condo management. But for condo owners who join their condo board association without previous real estate and/or condo management experience, taking on this role can be overwhelming. Before you agree to a nomination in this role — specifically if you’re on a board that no longer works with property managers, here are a few tips to ask about ahead of time.
Recommended Read: “Do condo associations need property managers? ~ Finding the right property manager for your condo board”
Finding the right property manager for your condo board
Are there any outstanding past due assessments? In an ideal world, your prior property managers (if you have them) would’ve collected all past dues and taken detailed notes about all unit owners’ late fees, legal expenses and current/past balances. By the time the ledger comes to you, with an individual breakdown of each owner’s highs and lows, you’re ready to dive right in and create updated invoices each month.
However, if you terminate your agreement with a prior property manager in the middle of collecting past due debt, you’re in for a rapid-fire lesson in financial record-keeping, working with condo association law firms and fair eviction notices. (Depending on your location, coronavirus may influence how evictions can be handled. For example, in June 2020, Chicago Mayor Lori E. Lightfoot signed the COVID-19 Eviction Protection Ordinance, which extends the usual five-day period to respond to a landlord’s intent to file for eviction with another seven days, if the tenant writes the landlord stating that they have had a “COVID-19 Impact.”)
Recommended Read: “Why does a Community Association Management license matter when hiring a property manager? ~ In addition to licensure, condo boards need to get tough on contractor cancellation rates”
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Are there any building-wide repairs? Depending on the bylaws, condominium owners can often choose to hire their own contractors for inside repairs. They own it and can do with it what they want. However, once repairs reach common areas (ex. front and backyard, parking lot, decks, hallways, basement plumbing), the board has more leverage to control what repairs are made. Read the bylaws carefully to understand what the board is eligible and/or required to use from reserve (savings) funds versus what the condo owner is responsible for paying.